Do you require land for the payment that is down a construction loan? We purchased a parcel with money and would like to understand if you can use it as a deposit whenever we submit an application for a construction loan to create a house.

Do you require land for the payment that is down a construction loan? We purchased a parcel with money and would like to understand if you can use it as a deposit whenever we submit an application for a construction loan to create a house.

The advance payment needed for a construction or construction-to-permanent (C2P) loan differs but is normally 10% to 20percent. The good thing is that the worth associated with the land can be utilized for many or an element of the payment that is down.

As an example, you need a construction or C2P loan for $80,000 if you buy a plot of land for $20,000 in cash and want to build a home with a construction cost of $80,000. „Do you require land for the payment that is down a construction loan? We purchased a parcel with money and would like to understand if you can use it as a deposit whenever we submit an application for a construction loan to create a house.“ weiterlesen