Is the construction complete or are you looking to refinance the construction loan itself.
I've never heard of refinancing the construction loan itself.
If construction is complete and you have the certificate of occupancy, you can refinance.
I've never heard of refinancing the construction loan itself.
If construction is complete and you have the certificate of occupancy, you can refinance.
>>Can you refiance if you had a construction loan?
No. A Construction loan is always concluded with a Take-Out loan, and the Lender for the Construction Loan wants a committment from the Lender for the Take-Out loan first, before he'll grant the Construction Loan.
I've taken out a Construction Loan with a Reverse Mortgage, and the homeowners Construction Lender, a local Bank, wanted a Committment Letter from me first. It took approximately 4 months for the homeowner to build their house, and I started the Reverse Mortgage when the Drywall started going up.
No. A Construction loan is always concluded with a Take-Out loan, and the Lender for the Construction Loan wants a committment from the Lender for the Take-Out loan first, before he'll grant the Construction Loan.
I've taken out a Construction Loan with a Reverse Mortgage, and the homeowners Construction Lender, a local Bank, wanted a Committment Letter from me first. It took approximately 4 months for the homeowner to build their house, and I started the Reverse Mortgage when the Drywall started going up.
Hi Raymond,
We were in a construction loan to permanent with WF in 2006. We had a
home in MD that we were unable to sale. We did a deed in Lieu in Feb 2009. (per our Lawyer) we then filed a Chapter 13 which WF would not
accept the plan. The judge rulled in favor of WF on Nov 10th. We are
now facing a foreclosure but have yet received any papers to that
affect. We did not know at the time that what ever we tried to do that
WF was not going to accept.
Anyrate Thanks for answering my questions.
PS. We also had 56 ac. of land as collateral with the new construction
in TN.
bjhena1z
We were in a construction loan to permanent with WF in 2006. We had a
home in MD that we were unable to sale. We did a deed in Lieu in Feb 2009. (per our Lawyer) we then filed a Chapter 13 which WF would not
accept the plan. The judge rulled in favor of WF on Nov 10th. We are
now facing a foreclosure but have yet received any papers to that
affect. We did not know at the time that what ever we tried to do that
WF was not going to accept.
Anyrate Thanks for answering my questions.
PS. We also had 56 ac. of land as collateral with the new construction
in TN.
bjhena1z
