Mortgage Lender Question -

[Lone Star Performance]

You usually just need a pre approval letter from your lender plus whatever earnest deposit to hold the lot.

[Chili]

tell me more.

You don't get your actual mortgage on the home until it is complete, and they are who will want to see your source of funds for down payment and verification of your income. Builder's requirements are irrespective of your mortgage lender's requirements.

[Baron Von Crowder]

You don't get your actual mortgage on the home until it is complete, and they are who will want to see your source of funds for down payment and verification of your income. Builder's requirements are irrespective of your mortgage lender's requirements.

My ultimate mortgage lender didn't know my name until closing. The broker handled it.

[BlackGT]

Had no problems in same situation as you when I bought my house last year. I had the money, just not in the bank...

[Chili]

My ultimate mortgage lender didn't know my name until closing. The broker handled it.

Yes, but they still have the same underwriting standards.. My point was that it would come up when getting the actual mortgage even if it hadn't with a construction loan or just contracting with the home builder.

[HECDOGGIE]

Confirmed with the builders lender, they base it off "future savings"

Im good to go as long as we like the property..

I do like using the term " building " at the end of the day, yes, this is just a cookie cutter homer LOL .... I like the deal im getting though.

[8mpg]

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.

thats because they will keep your 1% and sell the home for the same price to someone else that is looking to buy. There are plenty of people out there that want a new house but want move in ready or dont want to deal with building

[David]

thats because they will keep your 1% and sell the home for the same price to someone else that is looking to buy. There are plenty of people out there that want a new house but want move in ready or dont want to deal with building

Earnest money was refundable (minus the fees I had for redrawing plans) but yes they'll just sell it to someone else.