Construction Home New

I want to build a new construction home. The loans I have researched want interest-only payments until the house is complete. That is impossible considering that would be as much as a house payment and I already have a hefty one of those! I will make a nice profit off my house once it's sold but I can't do that until my new home is built. And I can't build my new house until.......you see my problem?! They also require $5K down. Can that be included in the one loan I get so I don't have to take out two loans? I have to be overlooking something. I can't imagine it's this difficult for everyone who already owns a home and wants to build. Any tips or knowledge would be greatly appreciated!!

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,

2007-07-08 11:17:41 by Becky

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Is there a website which can show all the new construction going on in the bay area. Something like mlslistings for existing home for which you know that any existing home listed has to be there on mlslistings so you are not missing on anything. I have searched on yahoo but there is no one website which shows all the new properties in the area. Some sites show some and not other and vice versa. I am looking for a single point of search.
Looking to find new homes in San Francisco/ Bay area Is there a website which can show all the new construction going on in the bay area. Something like mlslistings for existing home for which you know that any existing home listed has to be there on mlslistings so you are not missing on anything. I have searched on yahoo but there is no one website which shows all the new properties in the area. Some sites show some and not other and vice versa. I am looking for a single point of search.

what bay area? what state r u in? this info would help us answer ur question :)

2006-07-15 10:48:32 by pink_flyod2000

Is there a website which can show all the new construction going on in the bay area. Something like mlslistings for existing home for which you know that any existing home listed has to be there on mlslistings so you are not missing on anything. I have searched on yahoo but there is no one website which shows all the new properties in the area. Some sites show some and not other and vice versa. I am looking for a single point of search.

Check the courthouse for permits requested by contractors. If you cannot do this yourself, call a title company in the area.

2006-07-15 20:35:51 by pink_flyod2000

Price: $5.95 $5.95

New construction home, and you can somewhat feel the house shake if you slam the front door??? Do not know if it is just the feeling due to a pressure tight home, but it does feel like the whole 2nd floor moves. It is a Split-foyer type home.

It's a little late to be looking at the framing for problems. I understand your concern though. You are correct-on a really tight house the air pressure of just shuting the door can create a cushion of air that has no where to go- so it forces pressure against the windows,walls,ceilings,etc.
A way to test this is to open one window on the second floor about 2-3", tape a trash bag over the gap - have one person stand at this window while you shut the door on the first floor. If the plastic trash bag does not move much then the house is not soo tight.
The only thing I can think of that would allow a house to shake would be not having a strong enough center floor beam to support the 1st floor floor joist. Usually on a 2 story house there are several walls on the first floor about in the center of the house and they support the 2nd floor, These walls usually run parallel with the long outside walls. If there is not either a center block wall under the floor joist in the crawl space or a strong floor beam and steel post under the 1st floor joist in the basement then this could allow your floors to shake somewhat.
Hope this helps.

2008-07-14 17:04:04 by gigolojr

I'm buying a new home. The seller built the house for me over an existing lot of his property. Do I need to buy a regular owner's title insurance? or might I save some money buying it only for the land?. Since the house is a new construction it should not be any liens. is this a right assumption? The house is located in TX.
Also if I need to buy owner's title insurance does it has to be from the same company providing the lender's title insurance.

Abosultely, the following web link will provide you with some information about a local builder and the situation that the homebuyers who didn't buy title insurance found themselves in. Basically many lost their homes.

Start with the last article dated April 25, it should give you the basic information.

http://www.kypost.com/news/erpenbeck.htm l

2006-11-30 21:58:52 by Mike G