Comments on: What is the process to buying a home in a new construction community? http://hunter-home.com/homes/what-is-the-process-to-buying-a-home-in-a-new-construction-community Hunter Homes - A Home You Will Love! Tue, 08 Mar 2011 17:01:34 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: valstpatrick http://hunter-home.com/homes/what-is-the-process-to-buying-a-home-in-a-new-construction-community/comment-page-1#comment-23 valstpatrick Sun, 07 Mar 2010 12:11:06 +0000 http://hunter-home.com/homes/what-is-the-process-to-buying-a-home-in-a-new-construction-community#comment-23 Yes, you can get a Construction loan to add in the cost of the loan (interest accrued during construction). Once construction is complete you convert that loan to an 'end' loan. No worries. Who is requiring the 5K? The builder? or the lender? Do you own the land the home is being built on or looking to finance that as well? That will make a small difference in how they calculate the values for loan to value etc. Most cases will require a strong credit profile and some assets (for reserves) Best guide have 4 months salary in savings or 6 months of mortgage payments in savings - the greater of the two will qualify you for the best rates and programs for construction lending. Not all banks do constructions loans, call around or look online. You can e-mail me as well. Hope this helps, Yes, you can get a Construction loan to add in the cost of the loan (interest accrued during construction). Once construction is complete you convert that loan to an ‘end’ loan. No worries.
Who is requiring the 5K? The builder? or the lender?
Do you own the land the home is being built on or looking to finance that as well? That will make a small difference in how they calculate the values for loan to value etc.

Most cases will require a strong credit profile and some assets (for reserves) Best guide have 4 months salary in savings or 6 months of mortgage payments in savings – the greater of the two will qualify you for the best rates and programs for construction lending.

Not all banks do constructions loans, call around or look online. You can e-mail me as well.

Hope this helps,

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