My husband and I are building our first home and are extremely confused on financing since it's alot more complicated than if we were just buying. We want to go with a local bank or at least a nationally known bank because we'd feel more comfortable about it than going thru a mortgage broker. What we're basically looking for is a construction to permanent loan with an intrest reserve option(don't make any interest payments until the house is finished)& 1 closing and able to work the closing back into the loan instead of paying up front. We have about 18k to put down so we only need to borrow 120k.\n\n Has anyone built a home recently and gone thru a major bank and got something similar to this?
199676
Listen, construction loans are confusing. Don't get discouraged, and get with somebody that knows what they are doing. I'm in the mortgage buisness and yes it can be difficult. If you want to go with a bank that is your choice, nothing wrong in that. But after working with a broker for years they have outlets to more options. So if you want a good company that knows what they are doing. Check out Indymac bank or National City. They know what is going on when it comes to construction to perm loans. You can probablt contact them both directly or go to a broker and they are more than likely signed up with one, but the thing is you want to speak with a seasoned loan officer that has handled multiple construction loans. Good Luck!!
465141
Yes you can. You will have to go with a non-conforming lender. There are a lot of lenders that will give you a mortgage one day out of BK. Depending on the lender you can get 90% to 100% financing. Your best chance of getting 100% financing is if you no lates for the last 12 months on your current mortgage or lease and no new negative credit since your BK. \n\nYou won't be able to know what your rate will be until you speak with a mortgage broker and he reviews your credit report. I work for a large non-conforming lender. With your scores and no new negative credit, you should be able to get a 7% to 8% interest rate being a year out of BK, which isn't bad. If you are planning on moving soon, I would go ahead and call a mortgage broker in your area and get the ball rolling. You just need to find a broker that is licensed to do business in Texas, which shouldn't be a problem. Many brokers are licensed to do loans in many different states now. Look in your yellow pages for morgage brokers or mortgage loans. You will probably see many that work with people who have credit problems. Find one that you can work one on one with as opposed to trying to do your mortgage on line.You won't get the kind of service you need trying to do your mortgage on line.\n\nPlease don't believe it when people tell you that you can't get a mortgage because of your BK or that you will have to have a huge down payment, because that just isn't true. There are tons of programs for people with bad credit. If you can't get a clear 100% loan, there are 80/20 combo loans and all kinds of different programs. Just make sure to pay all of your payments on time and don't go out and make a big purchase, like a car, before you get your mortgage.\n\nIf the first broker you talk to doesn't sound like he can help you, don't be afraid to call several. Just remember you are looking for one that works with less then perfect credit. They are a dime a dozen now a days, so it shouldn't be a problem.\n\nYou can get a mortgage!!! Good luck!!!
166102
I bought a foreclosed home last year.  We found it in the MLS, just like the other homes.  Our Realtor showed it to us.  There was a bunch of extra paperwork.  The home had been vacant for 2 years, and was not well maintained prior to that.  It took 6 weeks from the bank accepting our offer to get a closing on a cash deal.  When we got the power turned on the fridge, furnace, and hot water heater did not work.  We are still renovating, but it will be nice one day.  My best advice to you is to locate a Realtor.  Happy house hunting!
462937
I don't know if i would say it's a good deal but it may be a fair one.  Part of the answer will depend on the items in your credit history.  Length of time since a bankruptcy or foreclosure, recent late payments and new collections all affect a lenders decision.  There are not many lenders that offer 100% financing for a score of 544.  If it is a lack of recent information or your accounts are all fairly new you may be able to qualify for an FHA loan, or a My community program for First Time Home Buyers.  The rate on these programs would be about 2% lower than what you've been quoted. \n\nRegardless who finances for you, be sure to find out if this is a fixed rate mortgage or an adjustable.  The rate on an adjustable will always be a little lower than fixed but be sure the fixed period is long enough to pay down some principle and gain equity or you may have trouble refinancing in a few years due to loan to value.  What kind of rate will the builder charge you for the 10% note and for how long?  Even though all the closing costs are being paid, see how many points are being charged up front.  1% is average conforming practice.  For harder to fit loans you may see 2%, Any more may be excessive.  Also for $167,000 it's not likely to be 8000 sq ft...........\nGood luck
564321
There are many lenders that offer this. I can have an approval in 2 days. What state are you in? \nhttp://www.lendermark.com
575675
It's impossible to answer this question without knowing what the interest rates are on your mortgage, your existing loan, and the current rate for new loans! We'd also need to know how much the typical closing costs and fees are for mortagaes/loans in your area...\n\nI suggest that you visit your local bank and get some advice...they may not have the cheapest interest rates, but they can at least tell you what you need to consider when comparing your various options.
178813
***********************************************************\nHopefully you currently own your home now. You can use the equity in your current home as a downpayment on a 2nd home. Use the 1st as a rental. This may mean refinancing your 1st home or getting a 2nd mortgage on it.\n\nI suggest you take your first $15 bucks you can spare, go out and buy the book "The Automatic Millionaire Homeowner" by David Bach. This book alone is more than enough to get you started, even if you don't think you can. You can also check out his website at www.finishrich.com/homeowner\n\nAnd by the way, don't let others tell you it can't be done or they know someone who tried, etc. They have good intentions. They are trying to protect you from disappointment (a feeling they've experienced). So thank them for being caring enough with thier warnings. But explain that what you can really use is thier encouragement and support and that any advice they have that might help you in your efforts would be much appreciated.\n\nDon't give up. And congratulations on your thinking big.\n\nHope this helps. Good luck.\n\n***********************************************************
147936
There are financing options out there for you and your husband, but because of the bankruptcy you are going to have to pay a higher interest rate and most likely you won't be able to buy your dream house anytime soon.....it will take some time to build your credit back up and in time things will be back to normal for you both, check with top lenders, stay away from mortgage brokers, try Countrywide, Ditech and national lenders....mortgage brokers make profits based on several factors including interest rates, so someone who has credit issues are easy prey, national lenders typically have programs for people in the situation you are in and although you will have to pay higher interest, it won't be outrageous. Any other questions just send an email, happy to help.
650042
All I can say is shop around-get quotes from as many different lenders as you can because there are so many bad deals out there right now that some lenders will promise the sun moon and stars for your business. Don't use a fly-by-night place you never heard of-seek out ones that have reputations. Ask around and get recs from friends who have refi-ed even if it was on a house.
634154
First of all, just to let you know, being "pre-qualified" is really nothing. It doesn't take into account your credit history or score, it isn't based on any facts, it is to loose to be taken seriously.\n\nSo, what you need to do is get pre-approved. And the only thing that should cost you is 30-35 dollars (maybe) for the cost of the credit report the mortgage company is charged by the company that supplies them the information. If anyone tries to charge you more than that to get pre-approved, they are ripping you off and you should go elsewhere! \n\nPre-approvals actually take into account factual information you supply such as income (which they verify), savings/bank balances/investment (also verified), pulled credit history, so on and so forth. It shouldn't take more than 48 hours to get the pre-approval letter.\n\nNow, in regards to the whole 100% financing plus having closing costs paid through the loan rather than out of pocket - BEWARE!!!!!!! That means that they are upping the interest rate to pay all that stuff and chances are they are also raising it to the point that they are getting more then 1% commission out of you and you will never know it.\n\nGo someplace other than who has "pre-qualified" you and start fresh. Tell them you want to be "pre-APPROVED" for 100% financing for the highest amount you qualify for and ask them to give you the "par" interest rate which means the rate you can get where there is no "cost" and no "rebate". After you find out what the "par" rate is, THEN you can ask them what your rate will be if you have a large enough rebate to cover the closing costs. Otherwise, if you get the whole closing costs paid out of the rate thing from the beginning, you are asking to be taken advantage of.\n\nAlso, if your particular situation is more difficult than the average borrower's, then it is perfectly ethical for the lender to make up to a 1.5% commission off of you and if you also only can get a small loan on top of that a maximum 2% commission - but even that's pushing it when it comes to fairness.\n\nJust be careful who you go to because the mortgage lending business if FULL of crooks and sharks. Ask friends and family who they recommend.\n\nGood luck!
153757
My bank is offering me this "Credit Builder Loan".  Basically, they are puting 500.00 into my savings acount, and I can't touch it.  I will be making monthly payments on it (including interest) for 6 months to a year, and then I will "own" the money.  So all I loose is the interest... much better option than those credit cards that charge up front and end up with you being in the hole or with 0 credit and they took 300.00 or more in fees before you even started.
652110
Manufactured homes are sometimes difficult to finance, but since yours is on a permanent foundation, you should be able to far more easily.  There are several lenders that perform these kinds of financing and you should contact a mortgage planner that services your area and discuss your specific situation with them, to make sure you get the best possible program for your needs.
236961
ExpressPath Financing\nExpressPath—a fast, cost effective way to finance your home designed with YOUR needs in mind.\nExpressPath is brought to you by PHH Mortgage and is available to borrowers purchasing eligible properties for their\nprimary residence.\nExpressPath Benefits for Homebuyers Include:\nA Fast and Simple Loan Decision Process . . . allows you to get a loan decision—not merely a pre-qualification\n—in as few as 20 minutes. Most importantly, there are NO up-front application fees.\nSeller– Paid Closing Cost Assistance . . . reduces the challenges you might face regarding down payment and\nclosing cost requirements. With ExpressPath, a property appraisal* is not required and the seller will pay the\nborrower's closing costs, excluding pre-paids. A PHH loan consultant can provide you with details.\nLender Service Guarantees . . . PHH Mortgage provides ExpressPath borrowers with outstanding service guarantees\nto give you the confidence your loan decision is the right one. Guarantees include Same Day Loan Decision, a $500\nBest Price Guarantee**, and a Closing Date Guarantee that reduces your rate by 1/8th of 1% if the closing date is\nmissed***.\nGreat Service . . . friendly loan consultants are there when you need them. PHH Mortgage has a team of experienced,\nbilingual loan professionals to assist you with your loan application or answer questions. They are available Monday\nthrough Friday from 8:30 a.m. to 8:00 p.m. EST and on Saturday from 8:30 a.m.-5:00 p.m. EST.\nCustomized Loan Products . . . ExpressPath includes a wide array of fixed- and adjustable-rate mortgage products\nwith competitive pricing and down payment options with borrower contributions as low as $500, and up to 100%\nfinancing available for qualified borrowers.\nHow To Apply\n1. Call toll free (866) 366-2736 to speak with a loan consultant\n2. Provide a limited set of pertinent financial information about you and any co-borrowers\n• Social Security #\n• Employment information for last 2 years\n• Income (W-2s and Paystubs) and asset information\n• Property purchase price\n• Requested loan amount\n3. Receive your loan decision within minutes
651631
My husband & I bought a foreclosed home last year.  We actually looked at several.  We chose this house because of its location.  It had been vacant for 2 years, and not well maintained prior to that.  We knew all of this before we made the offer of nearly 25% less than the asking price (which was low for the area to begin with).\n\nThere was some extra paperwork, mostly releasing the bank from any liability for things that did not work.  Nothing worked.  Our offer was accepted within 24 hours, and it still took 6 weeks to close on an unoccupied house with a cash purchase.\n\nWe have been doing renovations since December.  We have been doing them ourselves and have saved tens of thousands of dollars.  Even with all of the work we have still spent less than 1/2 of the curent market value of similar homes in this area.  If we had it to do over, we would.
402940
Look around and find a home mortgage consultant. To find one that you like, I'd suggest trying your usual bank, and asking your friends, family and neighbors. If you happen to know a realtor (if you've already found one you like), ask them for recommendations. I also recommend that you  bring a notepad with you when you talk to the lenders. There is a lot of terminology that can get very confusing when you're just starting the process. I really hope this works out for you! Good luck =)
260757
I get 100% loans for credit scores that low all day long.  Like a previous person said, you'll have split it into two loans (80% and 20%) and should opt for the ARM.  \n\nUnfortunately, I'm only licensed in PA.  \n\nYour best (and possibly only) bet is to contact a local mortgage broker out of the phone book.  Check out and bookmark my blog to learn all about home financing and what mortgage brokers do: http://explaintome.blogspot.com\n\nWhether you can get a 100% loan depends on all the other factors besides credit.  Do you pay your rent by check?  Can your landlord verify that you paid 12 payments on time?  Do you have 2 years work history in the same line of work?  Do you have some extra money in the bank as reserves just in case you fall on bad times?  Do you make enough money to support all your current debts plus this new payment, including taxes and insurance?\n\nThose are the questions you can discuss with your mortgage broker to get yourself financed.
394461
To be honest I believe that the first thing you need to do is hire an architect anyway.  They know what steps you need to take and can ensure that the plan you have selected is correct for your needs and meets local ordinances.  Also, in order to get a loan you are probably going to need work done by an architect, and, depending on the home site, a geotechnical engineer.\n\nYMMV, but this is true in my locale.\n\nFull disclosure - I am a civil engineer working in the construction business.