new construction home loan, how to find lenders?
Question : new construction home loan, how to find lenders?
We have 11 acres with a shop, we would now like to build a house, what is the best way to go about getting a new construction loan?
new home construction loan
Best answer:
Answer by Yanswersmonitorsarenazis
You’ll likely be best served by shopping around some local banks and brokers. Construction financing is something that most banks and brokers have ZERO clue how to handle. So keep talking to people until you find someone who really seems like they know exactly what they are doing, because they’ve done it dozens of times already. This is a pretty specialized niche in mortgage lending, and honestly there’s maybe 2% of loan officers that know how to do it right.
Some of the contractors might be able to refer you to bankers they know, and most big lumber yards know who they get their checks from too.
Open up a Homes magazine (the kind that are free at the grocery store and have all those for sale houses in it) and find a few of the ads for “HOMES BUILT FOR $ XX PER SQUARE FOOT ON YOUR LOT!!”"
Go visit their models and see if you’re interested in using them or going custom. Either way, ask them for a list of lenders they work with. Then you have a list.