buying new construction prop from builder, can we do 100% financing?
928894
First, don't get forced into the builder's preferred financing unless the incentives make it worth your while! If you can, find a loan rep who will get you pre-approved somewhere. Yes, you do have to give the builder a deposit of some sort (or it's called a good faith deposit). Hopefully your loan rep will explain everything to you in plain language and through the whole process. You may want to contact a company "Home Loan Experts" who helped me a lot! They can shop for the best deal for you! Good luck!
104864
You can not "give back" a house, manufactured or otherwise. you can pay it off early, however depending on the loan you might have a prepayment penalty. If the bank "takes back" a home it is considered a foreclosure, and then you can kiss your dreams od buying stick built good bye for awhile (12 -24 months to get an affordable rate, plus you will not be able to finance as much of the loan). Your best bet is to sell the home, then buy one that is stick built. The problem is that your manufactured home has to be post 1976 in order to fall into HUD guidlines. If it is older than that then you need to find private funding as it can not be sold on the secondary market and no lender will finance it (has to qualify fanny or freddy). If it is newer than '76 talk to a realtor and get the house sold. There is nothing wrong with looking for, and drawing up a REPC on a house you would like while your other house is listed. You can make the purchase of the new home contingent on the sale of the old home. Or of you have good credit and make decent money, you can purchase the new home before the old home is sold. The old home just becomes a second home, or investment property depending on the distance from the old home to the new home. There are lots of options for you .. but "giving back" the man. home is not one of them.
419138
Check the developer's name/company through the better business bureau.  Ask for credit references.\n\nCan you wait two years prior to receiving the funds?\n\nDo you think you might get a cash offer any sooner?\n\nEight percent is a decent rate of return.\n\nBe sure to get a real estate attorney to review the contract for deed.  You need to make certain that you are protected if the developer flakes out 3 months from now and moves to Timbuktu.
1114813
In a construction loan, you can use the portion of equity you have in the land towards the total "finished" value. Basically, your down payment is within the land that is already payed off. I specialize in commercial/construction loans if you'd like to see about getting an approval, let me know.\n\nSome basic questions:\n\n-Do you have plans already\n-What is the zoning of the land\n-what are the total construction costs\n-Do you have permits\n-Where is the property located\n-what do you estimate the value (completed) to be\n-Are you and your significant other employed/retired & what income/how long on your jobs\n-is the property in a rural or urban area\n-what is your credit situation\n\nThese questions should be enough to get some accurate figures for you.
354468
If you have no money up front to pay the contractor\nperhaps you can ask the contractor to build the real estate on a vacant lot. Tell him you will pay him when the job is done. Make your contractor your best friend. Even do good deeds for him. Tell him you will pay him in cash plus 20 % markup of all of his cost and profit. While he is building the house, place an ad in your local newspaper saying their new home will be completed in 6 months. Show the buyer the beautiful house plans. Have the buyer pay you by cashiers cheque a down payment of 25%, and the rest on completion. Add 50% to your contractors bill. If contractors final bill is $150,000 sell the house for $225,00. before it is built.\nMake sure you build the house on an empty lot owned by someone else so you dont have a paper trail of ownership so you dont pay taxes. You only want cash coming into your possesion. Do not put you signature on anything. Let the new buyer absorb all the cost so you can turn a trick, I mean a profit.
114615
Read your contract. Call your lender-Have them advise you on your next move. I have found once you complete your final walk thru and close escrow the contractors slow to a crawl or stall all together. Since it is most likely a sub-contractor finishing the work on the pool, the builder will have many excuses as to why he can't get it completed. I would think you have leverage now! Not after you close the deal.
1141550
You get permanent financing after Construction is\n Done.
184273
ICF maker offers home-buyers turnkey financing program\n\nJul 1, 2003 12:00 PM\n\n\nIn a partnership with First Federal Bank of Minnesota, Omaha, Neb.-based insulating concrete form manufacturer Reward Wall Systems has introduced a “3-in-1 Financing” program for home-building customers using the company's ICF technology. The financing covers land, construction and long-term mortgage, offering what Reward officials note are these benefits and provisions: no down payment; energy-efficient credit; one-time closing cost; builder options (self or general contractor-administered building); no loan payments for as long as one year. Reward manufacturers residential and commercial ICF systems, distributing them through ready mixed producers and other construction material channels
570206
Take the $400,000 for the land out of your equasion... Your going to need to have purchased this before the builder really is involved.\n\nFor the rest... Your going to pay permit fee's to the city/town for your building permits, design review etc... Your going to need to have paid your architech and structural engineer for the plans they are going to draw for you which you will be turning over to the city for approval as well...\n\nOnce you get to the builder the deposits may have to go through your lender if your doing a construction or construction to permanate loan for the property purchase and building. \n\nWhen doing a construction loan usually there are draws spelled out in the loan. Draw one maybe for the land purchase, architech/engineer and permits. Draw 2 would be for the builders deposits based on the materials needs for the first phase of construction and so on...\n\nIf your financing this yourself then check with your states contractors licensing entinity... There are specific percentages a contractor can take as deposits based on the work to be performed and this will vary greatly by state. I would check with the state anyway just to verify the builder is licensed, does he/she have any complaints on their license? How were those complaints resolved? Check on their insurance as well. If they are on your property and the insurance is not in place or is not up to snuff you may have to pay a claim out of pocket or against your own insurance.\n\nGood Luck
48188
yes, check out the financing tab of our website...www.265body.com...i have all of the companies listed on there..;)
545032
I work with a builder in the DFW area that does that.  Shoot me a message with more specific questions.\n\nThanks, and good luck.
495954
That depends on what the option to purchase agreement says. As well as any agreement you may have with any agent. You had better start reading.
252799
Not that I know of, most HUD and VA loans are for the full Purchase Price of the Home. Now, what you may try, talk to a Bank Loan Originator and see if you maybe able to Refinance the Home through HUD adding on the Additional Equity you are wanting, in the Form of Energy upgrade improvements! Does not cost anything to Ask. Many Banks may offer you a deal too just to get your Business. Basically all HUD and VA loans do is get a person into the House for less upfront money, they really not have a Special Interest Rate as most Banks offer good rates because of the Competition. Also, I would say the now you want a Fixed Rate Mortgage, a Variable rate can move up and down with the Prime Rate and right now about the only direction the Prime may move would be up.
1122274
I work with lenders nationwide that will do a 6-unit complex and will fund conforming or conventional on this type of property. Please feel free to e-mail me with more information and property location
743857
The purchase agreement needs to have a clause specifying that the terms are contingent on financing.  If not...you may be in trouble.
862705
You can co-venture with a builder.    The owner contributes the land; the builder the improvements.  On sale you split the proceeds according to whatever formula you agree to.\n\nTravel around your area & look for houses under construction.  Get the name & ph. nos. of local builders who are building out the kind of homes you think are sutable for your properry & call them.
316339
If you can afford it, and it will get you into your own home, then yes.  100% financing is quite popular nowadays for people who don't have a large down payment available.  Go for it, it's an investment on your future!