I’m looking to by an Acre adjacent to my property to build a large garage/barn on. I understand buying land only require a very large amount of money down. Can I get a construction loan for the Garage and have it cover the land too?

Check out www.indymac.com. If they cannot do it no one can.

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So, I understand how mortgages work when you buy an existing home, but how does it work when you buy a home that needs to be built in a new home community….like those being built by Ryan, K Hov, Pulte etc…

Do you have to start paying on the loan right away (kind of like a construction loan where they take draws) or do you not make any payments until they finish building the home? Perhaps its a function of when you close on the home?

Thanks!

no you start paying when the house is finished.

if they were a private builder than you would need to take out a construction loan

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I have a large piece of property (over 1-1/2 acres) that currently has a mobile home on it. I plan to live in the mobile home while a new home is being built.
However, my contractor tells me that I may not be able to get a construction loan to build the house if I live on the property. Anyone have experience with this?

It will be a while before I’m able to build, so I’m not ready to call up the various mortgage companies just yet.
Thanks! The property is located in the state of Florida.
Thanks. I do not need a loan at this time. I was just wondering if when I decided to get a loan if I would be able to live on site, or if it would make getting the loan more difficult.

Yes, as a matter of fact you can. Depending on where you live( i.e state) there will local and state regs that will need to be followed. Your best bet would be to contact a mtg broker you trust have them pre-qualify you and let them guide you through the process. If you need any suggestions let me know I might be able to send you some suggestions.

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My husband and I are looking to build a new home and would like the builder to take it only to the studs. We have a lot of construction know how and want to finish the inside ourselves to save money (We will subcontract some of it out). Will the bank loan us enough to pay the builder and buy the supplies we will need to finish it? How do we go about doing this?

yes you can get a loan like this — but you will need a complete detail estimate of how much it will cost to finish out the house === i did the very same thing == i took out one loan for the construction and a separate loan to finish the project. you want to set up the 2nd loan on a line of credit where by you only draw money out as you need it. i do not know your schedule but you will find that unless you are working at this full time it will take much longer than what you plan == that is why you want a line of credit type loan so you are only paying interest on the money as you use it. same way with the insurance == you will want to work with you agent so as the value of the house goes up so does the coverage. i wish you the best of luck and keep smiling because you two are taking on a task that will be putting a big strain on your personal life but it can be very rewarding in the long run.

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Is it harder to get approved for a construction loan today versus a couple of years ago? Both the wife and I have credit scores well above 700, our total income is around 125k, liquid cash is around 10k. We currently have a home that we are trying to sell that we should realistically should only see about 6-8k in equity from. And we are looking to build in North Carolina, now that you know our personal specs, can we getr approved for a new construction loan?

You need 25% cash down, and the land under it has to be paid in full. There is no way you could buld a house for 40k, not unless you are talking about a tiny one room shack.

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