New Company, New Construction Loans

[pianoman9701]

Hey Gang, I've joined Amerifund Home Loans - a great company with lots of opportunity for an experienced Loan Officer. One of their products is a One-Time-Close for construction loans. This is especially great if you already own a piece of land that can be used as equity. See the flyer and my contact info for more.

[turkeyfeather]

Do you do loans for off grid builds?

[pianoman9701]

Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking.

[turkeyfeather]

Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking.

Thanks for checking.....we have found that Farm Credit Services will do it but would've rather done business with a fellow member.

[pianoman9701]

Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking.

Thanks for checking.....we have found that Farm Credit Services will do it but would've rather done business with a fellow member.

You're awesome for asking. I appreciate that. One more caviat: no log homes.

[trophyhunt]

I’ll pass on info to my kids, they own the 1.25 acres they are gonna build on. Have well drilled, power in, septic design approved. Plan on breaking ground next spring.

[Boss .300 winmag]

Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking.

Thanks for checking.....we have found that Farm Credit Services will do it but would've rather done business with a fellow member.

You're awesome for asking. I appreciate that. One more caviat: no log homes.

Why no log homes?

[pianoman9701]

Sorry for the delay. I couldn't find a lender for that, TF. I called a dozen of them yesterday. Once the home is done and you have a certificate of occupancy, I'd likely be able to do a cash-out refi. It would need all permits and an appraisal as a new build. Thanks for asking.

Thanks for checking.....we have found that Farm Credit Services will do it but would've rather done business with a fellow member.

You're awesome for asking. I appreciate that. One more caviat: no log homes.

Why no log homes?

You know, maybe for a cash-out refi, I might find a lender. None of my lenders will do a construction loan on a log cabin. Those are normally financed by the log home companies or credit unions.

[Sakko300wsm]

Just submitted building plans for my property in ferry county on the Kettle River . I own the property and will be looking into a bit of a construction loan. Any info would be great! If you do Ea Wa?
Thanks
Rob

[Iveexcaped3]

Will they let a contractor build their own home. Last 3 lenders told me no; I would need to use a 3rd party.

[pianoman9701]

Will they let a contractor build their own home. Last 3 lenders told me no; I would need to use a 3rd party.

Correct, there can be no family relation between the buyer and the builder.

[pianoman9701]

Just submitted building plans for my property in ferry county on the Kettle River . I own the property and will be looking into a bit of a construction loan. Any info would be great! If you do Ea Wa?
Thanks
Rob

I'm licensed all over WA and OR. Are you planning to do the build yourself or do you have a contractor who's not related to you and has done at least three prior builds?

[Skillet]

Will they let a contractor build their own home. Last 3 lenders told me no; I would need to use a 3rd party.

Correct, there can be no family relation between the buyer and the builder.

Not to hijack - but what are the lenders worried about if there is a relationship between buyer and builder?

[Stein]

Same thing as any transaction not arms length.  There could be fraud, on paper overcharging and kickbacks leading to the bank being exposed to additional risk.

[pianoman9701]

Will they let a contractor build their own home. Last 3 lenders told me no; I would need to use a 3rd party.

Correct, there can be no family relation between the buyer and the builder.

Not to hijack - but what are the lenders worried about if there is a relationship between buyer and builder?