I am wanting to build but i do not want to list my current farm for sale until i know that i qualify for a construction loan.
2007-02-01 04:00:05 · 3 answers · asked by matt c 1 in Business & Finance ➔ Renting & Real Estate
There is no "on line instant" approval process available to my knowledge. You can speak to a broker and give them the general details of your income, assets, and credit and they can give you a good idea. But any binding approval on a construction loan will take a full credit application, as well as cost to build estimates, plans for the build, applicable license to build, etc.
2007-02-01 04:29:22 · answer #1 · answered by flamingojohn 4 · 0⤊ 0⤋
Construction financing, to my knowledge, would pretty much be impossible to prequalify online.
It's an entirely different animal than your end financing. And you do NOT want to be dealing with some bank from who knows where, when you are building your home. You need someone local, especially since someone will have to come out and inspect the property as it's being built, in order to approve the draws to your contractors.
Forget online lenders for this. Start shopping around locally. Find a good loan officer who has a lot of experience in construction lending. Most don't. And you don't want the kind of pain you'll suffer in dealing with an inexperienced lender.
Whoever posted the First Horizon link, you could try them. FH does specialize in one-time close construction loans, on a national basis. They do know what they are doing, when it comes to this.
2007-02-01 05:05:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
firsthorizonusa.com/nancylabonte
2007-02-01 04:22:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋