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NewHomeDallas
Dyn-o-mite!


Joined: 05 Jan 2009
Posts: 404

Construction Loans
PostPosted: Wed Aug 18, 2010 7:52 am Reply with quoteBack to top

Interesting article in USA Today about banks and construction loans. Not a good oman for the building business. Makes the publics with money attractive.

http://www.istockanalyst.com/a.....6/pageid/1

Of all loans, 1-4 fmily construction loans leads in defaults by a wide margin at 10.2%.
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NewHomeDallas
Dyn-o-mite!


Joined: 05 Jan 2009
Posts: 404

Re: Construction Loans
PostPosted: Fri Jul 29, 2011 7:15 pm Reply with quoteBack to top

Harrison:

You are looking for a home inprovement loan. A construction loan is for building the whole house and requires that loan being the first lein. I assume you have a mortgage, which would be the first lien.

Call your local banks and see if they are giving home improvement loans. Or better yet, take a day and go to every bank and S & L in your area. Start where you have accounts. Ask your contractor who is financing their business. If you are doing the work yourself, it will be much harder to get a loan.

Tell us where you live and maybe someone reading these posts knows someone in your area. For example, Northeast Tarrant County; which is Northeast of Fort Worth.
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: Construction Loans
PostPosted: Sat Jul 30, 2011 3:52 pm Reply with quoteBack to top

203(k) loan will work fine
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Floorpop
Dud?


Joined: 26 Nov 2011
Posts: 12
Location: DFW, Texas

Re: Construction Loans
PostPosted: Tue Dec 27, 2011 8:16 pm Reply with quoteBack to top

aartackerman - ease up on the acid. Shocked
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