Quote:
Originally Posted by MahiMike
Loans on lots are trickier than ones that are already improved. You 1st have to get a loan for the land and then a construction loan. Sometimes you can get a 5 yr balloon on the land and then when construction starts, you roll that into a construction loan. You can fins the loans, but it won't be as easy as the rest of us that have homes already built. The builder knows how to do all this but then you have to choose between a good rate and good quality house. If it were me, I'd make sure the builder was good and just refinance later.
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The mortgage company said I can do an all-in one construction/land loan to start.