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Can we start construction, and then get a construction loan later?

This is a bad idea for many reasons, but sometimes borrowers must start due to the permit process.  If this is the case, and you have to start grading, and maybe have to do the foundation, we would suggest a separate contract with the builder.  Contact a local office of First American, Fidelity or another …

Can we start construction, and then get a construction loan later? Read More »

Do we have to sell our current home to qualify for a construction loan?

Assuming there is no question of occupancy on the new home to be constructed, if you earn enough income to cover the PITI (principle, interest, taxes and insurance) on both homes, the answer is no.  Even if you can’t cover both payments with debt ratios that meet program guidelines, you may still qualify.  Before the …

Do we have to sell our current home to qualify for a construction loan? Read More »