10% down for construction, 20% down for perm?

Very few lenders are offering construction loans... it's a loan product that got hit very hard when the economy went down.. folks would agree to purchase a new construction home and 9 months later when the home was built, it was worth $100K less.. they bailed, the bank foreclosed and lost tons of money.. however they are making a comeback.. I'm pretty sure you wont find any lender who will to a construction to permanent, but there are a few lenders out there offering construction loans.. 10% down though might be tough.. check with your builder, or check with your agent.. both should have someone they can refer you to.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Please call me to discuss.I do have somebody who gives out constructionloans in the area.Thanks,Jinggy B. Cigrand, MBAMidwest Finance Corporation(319)826-3633

do you currently own the lot?if so, you can base the max loan amount on the appraised value, if not , most banks will structure the loans as follows:based Acquisiton cost : and up to 90% Loan to Value ( you have to call around to some of the local banks which hae portfolios)or based on an apprasied value:they may request a 20% down on the lot and base the max. loan amount on the appraised value.example:lot cost = 200Kdownpayment requirement = 20Kcost to construct = 750Kso total cost = 950Kthe estimated appraised value = 1, 050,000.00 so max loan might be at 80% of value = 840Kthe max loan will be based of the appraisal ( which is completd prior to settlement based on the lot & construction contracts and detailed scope pf work provided by the builder)we dont provide loans in your area , but i am sure if you call some local community banks , you will find several that have contruction loans.

the builder should have a list of banks they had used in the area, or go online and search for local banks or credit unions that offer construction loans.they will either base it off the acquisition or appraised vallue depending on their portfolio.

Ditto what William said, CP loans are hard to come by especially million dollar loans with 10% down. I work with a bank in Indianapolis and we have an avenue to do these loans however, in the central Indiana market only. Usually in any large market there is one or two "banks" that will aggressively pursue construction loans and then payoff the construction loan with the end loan. You just to find that bank. Talk to Realtors and and builders in your area they should know who these lenders/Banks are.

That loan structure if quite common here in the Twin Cities; but you're going to have to do a lot of searching to find the lender whose niche this is in your area.

Please call me at your earliest convenience: 515.224.0100. My name is Nick, I am a licensed mortgage broker in West Des Moines, and I have the lowest rates on the market today! I have construction financing as well and the permanent jumbo financing that you will need later as well!

Check with your local community bank- they can portfolio construction loans. If you have good credit, earnings and assets, should be something they can puton their books-Hope this helps,Pete