Help! Where to get a mortgage ??
 

I need real help ,real quick !

My girl friend wants to buy this nice peice of property that has an old house on it ,tear it down and build new .

She needs a loan to cover the hole prossess . Property, and constuction .
Sort of a constuction loan I geuss . I talked to one lender and they won't put up a dime untill the excavating , footings , foundation , and first floor is up !:mad: If she had the money to do that she wouldn't need a freakin loan !:mad: :mad: THen they would pay in 5 installments (20% each) through different stages of construction .After the first payment she would still be in the hole BIG TIME !! There has to be a better loan availible .

PLease help ! We are desperate !

Baby needs a new home ..........:(

Call 203-962-5494 and ask for Marcus. That would be Waterspeed to the members here. His firm is Pinnacle Financial and he is a mortgage broker and might be able to help.

He was the throttleman for the Wild Child Outerlimits race boat.

Wells Fargo is National, so here is what "I" not the everyone would do. IN order to obtain a contruction loan you will need the properties current survery, prints and specs on the future home, all of your normal mortagage requirements. What they offer is a one time perm loan where you close at the start of your process, and you draw out monies as it progresses. They can structure somewhat to how you need, usually it is in increments of 25 %, taking into account an initial property payoff. What you need to be sure of is that the new home with all demolition, construction, and improvement cost will appraise out for loan to value that you mortgage is designed around ie 95%LTV. Our families business is custom homes, we do about 75+ a year, if you need some more clarification, email me your number and I will call you tommorow and give you more concrete info. Midnight [email protected]

Thank you guys ! We are working on plans ,variences , septic,suryeys, etc . We are just about ready to need to spend money on all this paper work . We want to make sure someone is going to cough up the money to finance it before we lay out 5000 or so for all this paperwork ! But we need to get it going . We haev a close date in 90 days ! Thats means we need the money ,the variences , the designs and plans aproved and the building permit before then !!:(

I thought buying a boat was hard ..............

PLease keep the info coming ! THanks ,Joe (& Sandy !)

Miller ,I'll call Marcus ,and see what he has to say . Thanks !

Midnightrider, I may take you up on that call . Let me see how it goes in the next day or 2 . THanks !

how much you need? I coudlmake you a small advance but i am goign to need 30% back with in 6 months

other wise i need your fist born in 1 year :D


but seriously i have no idea! Good luck!

Thanks for the offer Puder ! I don't know who is the bigger crook you or the banks !!:D

Just kiddin !

you know if you had a website to sell some more of those lil diesel chips you might not need a mortage to buy the property :D


on another note I saw an ad for a 39' cat with ASD8s and big power for sale in the NJ/PA area your's isn't for sale is it?

Boot,
I am not sure of your state requirements...but Texas makes it very difficult for an individual to obtain interim financing for building a home (on your own), without a builder to have a mechanics lein on it. So maybe it would be better if you hired a consulting builder to help you through the process. Mainly to use "the builder's name" and "financing connections"...IF you plan to build the home on your own.

Good Luck... :)

Huntington Mortgage will work with you. I just turned a 350K mortgage into a 642K mortgage and they worked with me through the construction phases.....If you want info, email me. Dave Warden

Puder , Your right ,if I wasn't so tight I would get that site going ! Soon ,I hope .

Not my boat for sale !! I think it may be Nicks boat form PA . "slicknick".


liquid asset, You are right . They are tuff on the do it your selfer ! My brother is a contractor so he may be able to help . thanks .

Wardey , I am going to send that e-mail ,thanks! JOE

Boot, We've always been able to find a company to finance the construction process. If there are any "home shows" going on in your area lenders usually set up booths in those. You may also want to check local lumber companies some offer construction loans and work with local lenders. All companies have different requirements but most want to stick with 4-6 "draws". In our experience it has been on a "percent complete" not a blanket dictated percentage but like I said, all have different requirements. We've done this several times each time with different lenders (some are easy, some are a pain)

I found this web page that lists construction lenders in NJ. You may want to call a few of these to see what their deals are.

Just make sure your appraised value is higher than your loan amount so you don't come out of pocket

Good luck

http://homeplans.hsh.com/cloan/cloan...y.asp?state=nj

Boot,

I am going through this right now. I go to settlement on the 27th of March. Here is what I did. I bought a 1-Acre waterfront lot with a small 1,000 sq. ft summer home on it. It needs to be bulldozed and a new home built. I looked for someone to do the construction to permanent loan mortgage, after a good two weeks of looking I was not too happy with any of the programs. Constructions to permanent loans are difficult and not too attractive and the interest rate was not very competitive on the permanent loan. Because of the time limit to obtain financing on my contract I had to go a different way. I got a conventional loan for the current lot and house, which required only 5% down, plus closing costs. One catch is that under FannyMae underwriting, mortgage companies like the improvements on the property to be valued at 60% of the total mortgage. Because this 1-acre is on the water this loan did not meet that criteria, it was only 30% improvements, so it had to go through manual underwriting which is a little more difficult because the underwriter manually goes through the entire loan. But it was not as hard as some I’ve been through. Prior to going this way I spoke with a local mortgage company who indicated that once I own the property they will give me a new mortgage based on “stated value”. This mortgage company indicated that it is easier to do once you own the property. The stated value is what an appraiser indicated your property will be worth which will give me the money necessary to build the new home without doing scheduled draws like a construction to permanent loan. Sorry to pontificate here but this was not an easy process. Bottom line is that I had to get the property first, then I dealt with the improvements. Best advise I can give Good Luck!

Eh Hem, MILLER!!!!
You posted the WRONG NUMBER! I am not in that business LOL.
Marcus can be reached at (203) 622-4499

:eek: :eek: Thanks DJD . Glad I didn't call yet !

Onthebay, Thanks for all the details . She needs to find a way to pay for the property too .

Playn, Thanks for the link ! Every little bit helps .

I also found this helpful site if anybody wants to see Rates of lenders:

http://www.bankrate.com/brm/rate/mtg...t=4&market=127

Boot, my mortgage does include the property.:D

If you need a residential mortgage anywhere in the USA..Call Marcus Zavattaro (a.k.a. Waterspeed) at 800-711-5394. Low rates, great service!!!

What if you get a basic mortgage first on the exisitng property then after closing get a equity loan. If your credit and income is good you can find a bank to work with you.