Mortgage Lender Question -

[HECDOGGIE]

Can you begin a build if you dont have the 3.5% down in the bank ?

Iwill have the money at the end of the build, just not right now.

Is it possible to move forward ?

I have been looking in Wylie , they are preselling in a new phase and i wanted to get in now.

Thanks

Hector

[8mpg]

doubtful. They usually want all the money up front sitting for a while (no new additions without proof of where it came from). Check with the builder though. If its a new build, it is usually the builder who fronts all the money and if they are a big builder, they handle their own financing.

On the other hand....do you really want to go into a house with only 3.5% down?

[HECDOGGIE]

doubtful.

On the other hand....do you really want to go into a house with only 3.5% down?

i can continue to save, however, i know rates would go up .

direct answer is , i dont want to only put 3.5% down, but im going to have to

[mk5.0]

i can continue to save, however, i know rates would go up .

direct answer is , i dont want to only put 3.5% down, but im going to have to

You can start the build without the money down. You dont pay the money till closing. Have you looked into a usda loan ? If the house is in a rural area then you can do the 0 down usda. (Depending on eligibilty)

[HECDOGGIE]

You can start the build without the money down. You dont pay the money till closing. Have you looked into a usda loan ? If the house is in a rural area then you can do the 0 down usda. (Depending on eligibilty)

I looked into the USDA loans, we dont qualify.

[Stng5Pnt8]

Can you begin a build if you dont have the 3.5% down in the bank ?

Iwill have the money at the end of the build, just not right now.

Is it possible to move forward ?

I have been looking in Wylie , they are preselling in a new phase and i wanted to get in now.

Thanks

Hector

Hey there Hector, we have a mortgage specialist partner we work with. Message me your contact info and I can have him contact you to go over any possible options you may have.

-Tony

[joes01bullitt]

You can start the build without the money down. You dont pay the money till closing. Have you looked into a usda loan ? If the house is in a rural area then you can do the 0 down usda. (Depending on eligibilty)

Truth.


By the way, I'm currently building in Lavon, Bloomfield is the builder, and I did not have to show them proof of any of my income. Although they did run a hard credit inquiry.

I also had to put $1000.00 as a down payment to hold the lot that I wanted.
I have added about $15k in upgrades and it will be done in January-February and they still have not asked about any of my income info. So as long as you can prove to them where you got the money from then you should be fine.

[Chili]

Truth.


By the way, I'm currently building in Lavon, Bloomfield is the builder, and I did not have to show them proof of any of my income. Although they did run a hard credit inquiry.

I also had to put $1000.00 as a down payment to hold the lot that I wanted.
I have added about $15k in upgrades and it will be done in January-February and they still have not asked about any of my income info. So as long as you can prove to them where you got the money from then you should be fine.

It's your ultimate mortgage lender that would require that.

[mustang1200]

I didn't come across any banks that would do anything less than 15% down on a custom home build.

We did a one time upfront close rather than 2 closings so we had to have the 15% down and 6 months of reserves in the bank ($26K)

[8mpg]

I didn't come across any banks that would do anything less than 15% down on a custom home build.

We did a one time upfront close rather than 2 closings so we had to have the 15% down and 6 months of reserves in the bank ($26K)

Hes building in a neighborhood with a builder owned lot. 15% aint bad for a custom build.

[mustang1200]

Hes building in a neighborhood with a builder owned lot. 15% aint bad for a custom build.

Ahh. I guess I missed that part (oh I see the phase comment now duh). Yeah closing on that would be at the end. I wouldn't be surprised if a bank didn't want to verify funds first though.

My approval process was a 2 month painful ordeal with lots of requests and changes by the bank along the way. F that.

[David]

When we built I had zero dollars in any account and only put down 1% earnest money. They started and all additions we wanted, no questions asked and just had an initial credit check to get that letter from the bank.

Lender became a different animal as always.

[Roscoe]

When we built I had zero dollars in any account and only put down 1% earnest money. They started and all additions we wanted, no questions asked and just had an initial credit check to get that letter from the bank.

Lender became a different animal as always.

#whitepeoplecreditproblems

[David]

#whitepeoplecreditproblems

#doesntfollowdaveramsey

[Baron Von Crowder]

It's your ultimate mortgage lender that would require that.

tell me more.