Updated over 7 years ago on . Most recent reply
No Comps in Area, Texas Lender Suggestion?
We are looking to build a new home on an existing lot in Austin, TX. The lot has a small accessory dwelling unit, and we plan to build a larger main home. Two lenders have told us they can't lend money for the construction of the new home because an appraiser can't find a comp of someone doing the same thinganywhere near our neighborhood within the last year or so. We are technicallly in the Austin city limits, but on the outer edge in a lower income neighborhood. Not a lot of new construction has happened yet, much less on lots with existing structures. Some new subdivisions have come in, but no custom homes like ours will be. Any advice on a lender that will take our unique circumstance into consideration? We have great credit, low debt and two high incomes.