Construction Examples
MD CONSTRUCTION LOANS!

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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!

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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.

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If you are outside of Maryland,
please click here, select your state and 
check with the lenders licensed in your state.


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