BlackGMC

iTrader: (31)

Me and the wife are looking at building a custom home, but we need a 1-time close or Interim Financing construction loan to get started.... Anyone have some info???

01Blue4.8

I don't have any advice for the financial aspect, but research your contractor. I work for a contractor and I am in the process of becoming one myself. I can't tell you how many shady contractors are out there.

Good luck with the build. Keep us updated. Do you have plans drawn up yet?

-Jim

BlackGMC

iTrader: (31)

The builder is very reputable so there are no issues there... They have a base set of plans that we are going to start with, moves some walls add some garage space, etc.... I have a pretty good estimate for the build, but that is as far as i can go without some sort of pre-approval for the loan... From researching yesterday it seems that very few bank will actually do this type of loan... I have found 3, one wanted 25% down which we have 20% but that is as much as we have saved up so that one is out... I am still waiting for the good-faith-estimates from the other 2....

The builder will not open up the plans for editing/addition until we put down our earnest money, which i don't want to do until i find out about the loan...

So basically i am in a waiting process...

01Blue4.8

Tell the builder what your situation is. See if he'll budge any.