- No Money Down, No Cash At Closing Construction Examples

Construction
Examples

4/18/2007
If you own the lot, we usually can finance 100%
of construction costs and finance closing costs as well.

This is a no money down construction loan.

410-643-0222
888-643-3659

Ask for Burt

On Line Construction Pre-Qualification

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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.

On Line Construction Pre-Qualification

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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.