All Forum Posts by: Colton Joseph

Hey Lance, thanks for your quick response! I suppose I slightly exaggerated on the whole ONLY equity part... Is what I am really trying to figure out is about how much out of pocket it will cost to build say a 140k home using the lots equity (at the purchase price of 36k.) A little cash out of pocket is no big deal, but I would like to hope that I can keep it under 10k more cash. Also, will PMI be needed on the final loan if I only borrow 80%LTV? I had plans drawn up by an architect, and am waiting on a couple bids but expect construction cost to come in around 140k-150k. Thanks again for the help!

Hello,

I have recently purchased a lot for $36,000 that is on the tax roll for $75,000. The purchase was just made a couple months ago, and I am wanting to build a new single family home for myself. My question is what is the max amount that I am likely to loan without bringing any more cash to the table, and ONLY using the equity from the lots as my "down payment." Any advice would be great!

Thanks for all of the input guys! so basically the only real perk to FHA construction compared to a regular construction loan is the amount down correct? I'm more worried about acceptable forms of income proof than the down payment as I want to have enough down (%20+) to avoid paying mortgage insurance! It appears that a typical construction conventional loan may have lower interest rates than FHA?

Thanks a bunch!- Colton

Hello all, are any of you familiar with the FHA one time close construction loan? I am looking to get a little better idea of what it requires particularly in the income verification/income requirements area. If you know anyone in the Austin Texas area that provides these loans that would be very helpful as well!

Hello all, first let me start off by saying I have been reading some threads about the return of stated income loans, which appear to be picking up traction again. 

I am a real estate investor looking for a stated income loan for a small new build as my personal residence (30 year mortgage.) Do any of you have any suggestions for new build stated income loans? I would like a fixed rate for as long as possible; maybe 5 years?

Here's what I will have at the time of loan. I hope to be ready to start in the next 2-3 months. I haven't got bids yet, but expect the build to be 140k, and I expect to put 20%-30% down in cash.

Homesite: Lot in Austin TX area worth 35k.

FICO Credit Score: should be 720+ by time of loan.

Income: 40-50k per year

Employment: Self employed with no W-2

Liquid assets (cash and/or investment real estate): 100k+

I'm just looking to make some future contacts, and get an idea of what to expect on interest rates.

Thanks!