We started a house with a lender and did not get the amount of our own money for the construction loan. We paid cash for our lot, which was $101,000.00 and have put down an additional $50,000.00 and will pay an additional $50,000.00 in the next 30 days. We have a loan in place that will kick in after we pay a total of $200,000.00. The home build price is $514,900.00, leaving a need of $414,900.00. We will pay off the loan at the end of the build. Is it possible to cancel our exiting loan and borrow more money.
@Jerry Shipman Most of lenders won't offer loan in middle of construction.
That is a crazy sounding loan. What was the appraised value of the completed house? With a paid for lot the bank should be willing to loan you enough to complete the house build.
What was the reason the lender wouldn't give you more money? Is it the cost of the home or are they worried your debt load is too high relative to your income?
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