|
MD CONSTRUCTION LOANS!
Please Click To Our New
& Improved Home Page!
Thanks!
If you own
the lot, we can usually finance 100%
of construction
costs and finance closing costs as well.
This is
a no money down construction loan.
Loan Programs
Subject To Change!
 On
Line Construction Pre-Qualification
Return Home
03/01/2006
progam below no longer available
Borrower
does NOT need to own the lot (as with standard construction / perm programs)
or own the home (standard rehab programs). We will use final appraised
value per plans and specs. Under some circumstances, you may complete
the transaction with little or NO MONEY DOWN...
We may
even be able to include closing costs!!!
|
Construction
|
Purchase / Rehab
|
|
Price of Lot $50,000
|
Price of Home $140,000
|
Cost to Build $100,000
Closing (Est) $7,500
|
Cost of Rehab $90,000
Closing (Est) $10,000
|
|
TOTAL $157,500
|
TOTAL $240,000
|
|
Appraisal $175,000
|
Appraisal $266,000
|
|
LTV @ 90% $157,500
|
LTV @ 90% $240,000
|
|
NO MONEY DOWN!!!
|
NO MONEY DOWN!!!
|
NO CASH NEEDED
AT CLOSING!!!
|
NO CASH NEEDED
AT CLOSING!!!
|
OK, ...so maybe
the property doesn't always appraise that much higher. Remember, for each
$1,000 in over appraisal, it is $900 less cash required (90 LTV)
at closing...
PROGRAMS
SUBJECT TO CHANGE!
The estimated
closing costs shown above are for illustration purposes only, the actual
estimated costs will more than likely be less and will be provided on request
. Click to see our Construction
Overview.
On
Line Construction Pre-Qualification
Return Home
If you are
outside of Maryland,
please
click
here, select your state and
check with
the lenders licensed in your state.
|