How To Finance A New Home

I need to know how to go about financing a home that i want to build I own a lot free and clear in city limits and have a home plan that i would like Now i need to start preparing my finance and i don't know where to start Please help

Talk to lenders about construction loans. They are specifically designed for your needs.

2008-05-19 15:13:09 by builder

Watch as a real-estate professional explains how to finance a new home in this free online video for novice homebuyers. Expert: John Jackson Bio ...

I live in Colorado and plan to purchase a home. Before I move in, I'd like to add two bedrooms and a bath. What's the best way to finance this all at the same time?

If your credit is good, you could finance 100 - 107% of the purchase price and save your down payment for the renovation. I am a manager a mortgage bank. Email me if you would like to explore these ideas.
Thanks

2005-12-12 15:43:55 by Jim

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I'm buying a new home @700k. Existing house is paid off with a market value of $400k. New house will close by October, however, don't think I can sell the old by then.

The plan is to put down 20% cash, close on the new.Once the existing is sold in a few months, the proceeds will go to pay off the mortgage. However, since it's not enough the pay off, I may still be stuck with a huge pmt.

What will be a better way to do the financing?

1) Primary + 2nd mortgage: but most lenders stop offering the 2nd mortgage already
2) Interest only loan
3) Take out a line of credit on the existing then pay it off once house is sold.

Can some one give me some insight on this? Thanks.

Do the reasonable thing and don't buy the second home until you are closer to selling your first. What you are comtemplating is a recipe for disaster that you may regret for a long time.

2007-08-10 14:13:50 by Tiana

Price: $14.99

Banruptcy discharged in Nov. 2005. We run our business from our home. We moved to the other side of Va. in Feb 2006 after selling our home there. I'm looking for a finance company who has done a mortgage very similar to my situation. Not one that will think about it. I don't want to waste their time or mine.

You may do what ever you want. Purchasing a home immediately after a BK is possible.

There are a few things that you left out through no fault of your own since you are not in the mortgage business. Was the home you sold in the bankruptcy? If not did you make the monthly payments on time for 12 consecutive months? If you did you can get a pretty good interest rate even with the BK. If you did not make the mortgage payments on time and the house was included in the BK you may still purchase a home, however, your interest rate will be higher.

You mentioned two things that are a negative in the mortgage industry, BK being one, Self-employed is the other, but both can be over came. Normally a mortgage lender want to see that you have been doing the same profession for the last 2 years or more. The other is what have changed since your BK that is a good indicator that you can now make your mortgage payments in a timely manner.

That being said you should find a mortgage "Broker" that specialize in BK and foreclosure clients. Finding the right mortgage "Broker" will save you lots of headaches in the long run. Some will claim they do, but make sure that you get one that does, the right mortgage "Broker" can make a lot of headaches go away.

There are a few things you should know. You can get qualified for a mortgage loan, like I said before your rate will be higher. If you make the mortgage payments on time for 12 consecutive months you may refinance to a lower rate for paying your mortgage on time.

Your mortgage interest and certain closing cost are tax deductable on your itemized deduction of your federal income. (Please check with your tax advisor or CPA for tax advice)

In my opinion owing is better than renting because of the tax advantages as well as you own you own home and the interest rate does not really matter.

I hope this is of some help to you, good luck.

"FIGHT ON"

2006-05-22 12:08:35 by carrie s

I signed to purchase a home for $700,000. House will not be done until April 2007. Between now and then, if the prices of the homes drop, will I be obligated to pay what I signed up for or do I only finance what the house is worth at the time?
FYI - contract was signed with a builder. You can not qualify for an amount more than the appraised value, shouldn't this be reason for them to take the price down? Also, since it is quickly becoming a buyers market, shouldn't I be able to leverage that and negotiate with the builder? Any suggestions on how I can do that?

if the appraised value will be less,then you agree to pay for this house- you have 2 options: renegotiate the price with the builder or walk out from the contract, because lender will not lend you more money then the house is worth. you have check your contract, because i don't know how this work in your state, but those are general rules .

2006-10-30 09:52:35 by Georgina