Archive for July 2010
25
Construction loans and First-Time Homebuyer Tax Credit 2009?
No comments · Posted by admin in construction loans
The policy states you have to close on your new home by Dec 1, 2009 to be eligible for the $8000 tax credit. I am a first-time homebuyer, and am building my new home on a lot of land, which I hope will be complete by that time. However, the loan is a "construction loan" which "closes" before construction begins. Do I have to move in and get a certificate of occupancy (C.O.) before I am considered "closed" on my new home and eligible for the tax credit? I am in Florida.
"To qualify for the first time home buyer credit, the residence must be purchased. By statute, a residence which is constructed by the taxpayer is treated as purchased on the date the taxpayer first occupies the residence"
http://www.irs.gov/newsroom/article/0,,id=206293,00.html
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how hard is it to get a new construction loan compared to a regular home loan?. I am a first time home buyer and I am thinking about building. How do the interest rates and other things compare? what are the pros and cons? Thanks.
You need to own the land flat out and have 25% down.
Since you only pay interest on the amount you have already spent during construction and the interest rate is low this is a lot cheaper.
HOWEVER, you have a dead line to finish building and you have to meet it. If you don’t the fines are astronomical. You not only have to finish building, but refinance to a conventional loan. A lot of people screw up and can’t qualify and loose their new house at this point, because if you do not refi that it is, the construction loan bank comes in and forecloses.
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http://www.lendinguniverse.com/fast_hard_money_loans.htm Fast hard money loans in Georgia funded based only on equity credit score not important, Examiners reported violations of two other disclosure provisions of Hard loans brokers. First, they found violations of the requirement that funding of private money source s provide account disclosure documents to a consumer before an account is opened or a service is provided, whichever is earlier, or upon request (124 cases). Second, they reported violations of the requirement that disclosure documents state the amount of any fee that may be imposed in connection with the account or an explanation of how the fee will be determined and the conditions under which it may be imposed (29 cases). The most frequent violation associated with the initial disclosure requirements of Regulation E was of the requirement that hard money lenders make the disclosure documents available at the time a consumer contracts for an HARD MONEY CONSTRUCTION LOAN or before the first HARD MONEY construction loan is made involving the consumer’s account (321 cases). Other disclosure provisions from Regulation E for which examiners cited violations included those that required disclosure statements to be in writing, clear and readily understandable, and in a form that customers can keep (5 cases) and to list any fees imposed by the financial institution for HARD MONEY construction loans or for the right to make transfers (142 cases)..
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Duration : 0:0:15
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Duration : 0:0:35
Calculator · commercial · Foreclosure · hard money · interest rate · lender · loan · Loan Modification · mortgage · rates · real estate · Refinancing Calculator
24
Hard Money Lenders in San Marino California
No comments · Posted by admin in California construction loan
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Duration : 0:0:32
Bad credit mortgage · financing · foreclosures · home equity loans · home mortgage · loan · loans · mortgage · mortgage loan · mortgage refinance · mortgage refinancing · mortgages · refinance · refinancing · San Marino
22
Who has taken out a construction loan recently?
1 Comment · Posted by admin in construction loans
My family and I recently purchased land and we’ve started to get the money together to build a house on it. We know we have a while before we can get up enough money to start building, but we figured we should start now on learning and planning about the different types of loans and what we would need to know or do before going any further.
Can anyone recommend any web sites or offer any help?
Do your homework. Visit (in person) your local banks and credit unions to find out what to compare on line sources to. Get written documentation and/or brochures with rates and all information from them before you look to the trustworthiness of stranger who are who knows where. Local loans will also keep some or all of the money that they are investing in you in your community. It’s just good business.
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22
My father owns property However, me and my father have jointly taken a loan for construction can I avail tax?
1 Comment · Posted by admin in construction loan
The property is owned by my father , the construction loan is taken both by my father and me. Can I avail tax benefits?
Thanks
No. You can claim tax benefits on the loan if the property is in your name.
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The largest suppliers of construction loans nationwide. Residential, Commercial and Spec construction loans. Private Money, Traditional Lenders and Commercial Lenders.
Duration : 0:0:35
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Mitchell Homes will custom build your dream home on your lot in more than 65 counties and cities throughout the Commonwealth of Virginia. You can choose from more than 30 fully customizable floor plans that we currently offer, or bring us your own custom plan to build.
Whether youre a first-time homebuyer, looking to upsize for your growing family, or ready to build that luxury dream home that youve always desired, Mitchell Homes has the experience, quality of construction, and outstanding reputation that should make us your home builder of choice. Mitchell Homes has built more than 2,000 homes throughout Virginia over the past 17 years!
Best of all, when you choose Mitchell Homes as your new home contractor, you wont have to obtain a costly construction loan, you pay no down payment, and we will pay your closing costs! We pride ourselves on being the best at what we do, and wed love to have the opportunity to prove it to you.
Duration : 0:0:40
build on my land · build on your lot · no closing costs · no construction loan · no down payment · VA Custom Builder · Virginia Custom Builder
