2006-11-10 04:03:46 · 3 answers · asked by micky4619 1 in Business & Finance ➔ Renting & Real Estate
Yes. Talk with an experienced construction financing Loan Officer to talk your specific situation through.
2006-11-10 04:17:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yep. You can get an interest only for the construction period converting to permanent financing upon completion of the construction. Then have the bank do a curtailment of a percentage of the sale proceeds from your current house to pay down the new loan.......so, the agreed percentage of proceeds will go straight to pay down the new loan so that you have a lower loan amount with more comfortable mortgage payments when the loan converts to permanent.
2006-11-10 15:40:08 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
Yes. This is not uncommon. I know of multiple lenders who specialize in this area.
I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
2006-11-10 12:14:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋