Construction
January 2, 2010 by admin · Leave a Comment
Construction
Who is providing construction loans to build first home?
I've been approved for a mortgage loan but need a construction loan to build a home.
In Texas. Great fica score 840 or higher. Have enough money in the bank. Have tried builder contact, waiting since month ago. A big lending company on-line bluntly told me that he didn't know of any bank that was offering construction loans because of the way things are with the economy right now?
what Col Kurtz didn't mention is that when you pay retail to a direct lender you end up with a higher rate and the lender gets more on the back end then a broker would, it's called SRP or service release premium.
Here's another little fact/difference.
The brokers yield spread premium has to be disclosed on the HUD1 settlement statement but the bank does not have to disclose their premium.
Construction Mishaps
