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jhaden
34 Posts |
 Posted - 05/23/2008 : 4:40:21 PM
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Is anyone doing construction loans right now in Northern Ca.?
Clients bought their property for $300k a year ago w/ 10% down.
They have plans and permits to build a owner-occ SFR and need $450k for the construction. Future value is $1.2 mill.
They have 730+ ficos- full doc & $ in the bank. They also currently own a home @ approx.
50% ltv
Anyone? Thanks |
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ddmortgage
297 Posts |
Posted - 05/23/2008 : 4:54:58 PM
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| Indymac might, are the owners going make the new home their primary res? Have you also looked into private financing? |
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jhaden
34 Posts |
Posted - 05/23/2008 : 4:58:11 PM
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Yes the new home will be their primary residence. I have not checked with Indymac yet- but will. Thanks
just starting to look at hard money - suggestions? |
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Polly
258 Posts |
Posted - 05/23/2008 : 5:22:49 PM
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Indymac stopped all construction loans a
while back. Try Chase, I'm doing one now
and their program is great. |
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ddmortgage
297 Posts |
Posted - 05/24/2008 : 04:28:38 AM
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| Email me at tyjoconsulting@gmail.com and I can help you find a home. |
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jhaden
34 Posts |
Posted - 05/25/2008 : 12:42:57 PM
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| Thank you all for the response! |
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timjarvis
122 Posts |
Posted - 05/26/2008 : 11:16:38 AM
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| Chase will want to lend off of costs, and will have trouble with only $30K in the deal. Call me. Still lending off future appraised vale. Tim Jarvis 408-238-4606. www.e-constructionloans.com. |
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dtmwest
125 Posts |
Posted - 05/26/2008 : 11:35:23 AM
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Indymac stopped a long time ago! Chase only does full doc to 75% ltv max. Flagstar will do your construction loans and you can also do an FHA 203k if its full doc. FHA will finance that project up to your FHA limit in your areaquote:
Originally posted by jhaden
Is anyone doing construction loans right now in Northern Ca.?
Clients bought their property for $300k a year ago w/ 10% down.
They have plans and permits to build a owner-occ SFR and need $450k for the construction. Future value is $1.2 mill.
They have 730+ ficos- full doc & $ in the bank. They also currently own a home @ approx.
50% ltv
Anyone? Thanks
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