Construction Loan Mistakes If you are building a home that is common for your area, a home where there are many similar homes that have sold in the last year, in the same area, for what it will cost to build your home or more, you can stop reading. On the other hand, if you...Read More

How do you appraise a home that isn’t built yet? The answer is, plans and specs. The appraiser will be given a copy of the legal description for your land, so they will know where you’re building. But instead of being able to inspect an existing home, they will be given the plans for the home and the...Read More

What does the Underwriter do? First understand that there are two underwriters, the automated one and the human one. All conventional and government loan files are first submitted through a software package that we generically refer to as an Automated Underwriting System or AUS for short. The two most common systems are Fannie Mae’s Loan...Read More

Modular or Manufactured Home? Many of my referrals come from factory built home dealer/builders. Modular and Manufactured homes are great for the FHA/VA construction loan program. They save on construction costs and time (allowing you to save on interest during construction). They are built with quality materials, in a controlled climate, to very tight specs....Read More

The Two Time Close There use to be a time, many years ago, that if you wanted to borrow money to build a home you had to get a construction loan. Once the home was completed you had to refinance that construction loan into your end or permanent financing. You paid 2 sets of fees,...Read More