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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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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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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The largest suppliers of construction loans nationwide. Residential, Commercial and Spec construction loans. Private Money, Traditional Lenders and Commercial Lenders.

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I require Home loans in Bangalore to buy a residential site and continue to take a top up construction loans can u suggest me any one who is involved in getting the loans from banks

Hi let me introduce myself this is Gautham Sharma i am running a garment factory in Bangalore i think based on my personal experience in getting a Home loan done to construct my Home.

I had met Mr Lokesh who gets loans done from various Banks in Bangalore I had applied for an amount of Rs 50 lakh’s. I am really great full for his effort and commitment he had shown in getting my loan sanctioned at a good interest rate.

You can Contact Mr Lokesh on 9900019880

He not only does Home loans but also Personal loans and Business loans from various Banks.
You can contact him in the details mentioned below.

SEEKAN Loans
Mr Lokesh 99000 19800
www.HomeLoansinBangalore.com

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have a client who owns a peice of land and wants to buy a manufactured home and affix it to a foundation on the land…looking for possible FHA lender such as Taylor Bean, Wells Fargo who might dabble in FHA construction loan

Most of them will. If not, they probably will know which bank across the street that will.

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http://www.lendinguniverse.com/borrowersconstructionloan.asp stated income construction loan Money is one of man’s greatest inventions. Try to imagine the operation of a complex industrial society-especially a democratic one-without money. That almost all but the simplest human societies have used money proves that it is an essential tool of civilization. But useful though it may be, money has always been a problem. Inflations and depressions have been among the most serious upheavals of industrial societies-and defects in our monetary arrangements have played an important part in every major inflation and in every major recession we have suffered. In their efforts to repair the apparent defects in their monetary arrangements, governments have erected elaborate systems to control the issue of currency and the operation of banks. Moreover, the victims of inflations, deflations, devaluations, and financial panics have understood that their troubles were in some way connected with the monetary system, but not exactly how. As a result, monetary disputes become disputes over articles of ideological faith. To most people “sound money” has the same standing as home and mother. But exactly which monetary policy is the “sound” one is not so well-agreed. And on the fringes of the debate there are always a few monetary cranks-the faith-healers of economics -who have found the one monetary system which will solve all I ‘ the world’s problems. A number of people began to act as intermediaries in the financing of loans, accepting coin from individuals with surpluses, and lending to others The people involved in this business have varied backgrounds. Some were merchants who got into the business of borrowing and relending as a sideline; some began buying and selling bills of exchange; some were lawyers who arranged the legal details of loan transactions; some were goldsmiths who became connected with finance by arranging gold shipments and weighing, assaying, and storing coin.
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"Challenged" credit is not specific enough.

Venture Bank in Washington State or Timberland Bank (I think also only in WA) can help you. This is ONLY if you work with certain home builders– its been proven that these homes typically appraise for more than they cost to build (including land) so that you have equity, and thats why the banks are willing to finance.

Find some home builders (the ones that advertise "Just $35 a square foot!" or whatever) and ask who they have for financers.

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Helpful info on construction loans from Jeff Tarbell

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