We built a house still in construction loan,house is done time is up on loan and we need to do the permanant financing.We want it in husbands name only his credit is about 750.His income is 1624.00 monthly disability and we need to borrow 128.000 to combine all of our bills with this loan.Went with one bank and apppraisal came back low 155.000.They tried to run it with pmi and we was denied any sugestions???I needed to close like yesterday.Thanks by mamapi_365_449 from Crossville, Tennessee. Jun 21st 2012
Construction to permanent is available.. No way can you roll in your personal debt with it.. Never gonna happen... There is lender paid mortgage insurance (LPMI) as an option rather than paying monthly... you could also do an adjustable rate to get the monthly payment down to qualify... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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
I agree, you can only do a rate and term on this one. Sorry about that.
I have never heard of such a thing. I have done alot of construction loans in TN. It just can't be done. Did you go through a bank or a mortgage company? You always have to have an appraisal on the front end of a construction loan based on the contract, plans & specs & then a final appraisal once the home construction is completed.
I do not believe you can combine your personal debt into the loan. I think you will only be able to do a rate and term loan. All the best.
Call me or email me direct. We close loans that others turn down. Jarnold@peopleshomeequity.com
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