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emmajacob36
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Joined: 12 Aug 2011
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commitment to lend??
PostPosted: Mon Aug 22, 2011 6:01 am Reply with quoteBack to top

Hoping someone can answer this. I am in the process of having a new home built on some property that i own outright. The builder is going to provide the construction loan to build the home. Before signing a contract he wants to be sure that we are going to be able to get the long term mortgage. My mortgage broker has provided me with a 90% letter of pre approval. I was asking them if it was possible to get a 100% loan commitment letter if there is such a thing. They said that banks will not issue that on something that doesnt exsist meaning the home that isnt built yet. Is this true. ???
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lvuman
Dud?


Joined: 03 Feb 2012
Posts: 1

Re: commitment to lend??
PostPosted: Fri Feb 03, 2012 8:29 pm Reply with quoteBack to top

I think that may be true. I was a manager of a lending company for years. No lender wants to give a 100% commitment on a home being built because:
1: The home has to have adequate inspections when completed and the bank wants to have some leverage to make sure it is of correct standards.
2. Your individual status may change in the interim (divorced, incarcerated, unemployed, etc.

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syntheticheroin
Nitroglycerin


Joined: 05 Mar 2007
Posts: 646
Location: Lake of the Ozarks

Re: commitment to lend??
PostPosted: Sat Feb 04, 2012 12:48 pm Reply with quoteBack to top

or do the construction loan .. or look at an awesome house that's already done.

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