Mar/10
31
What if we do not sell our home by the time we have to close on our construction loan?
2 Comments · Posted by admin in construction loan
What happens if we don’t have the money from our existing home to pay into the construction loan? Will we have to keep the loan at that amount. Will we be able to put the money from our existing home into
the loan once we get it? Will we have to refinance the whole thing to do this and go through another closing? We would appreciate any answers that are based on facts only. Thanks.
I do know that I have heard of construction loans being extended even until the sale of the house.
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teran_realtor · April 1, 2010 at 3:00 am
Assuming you’ll qualify to make payments on both houses, do this:
On your new home, get an 80/20 or 70/30 or 60/40, or whatever, just so that once you sell your present home you can pay off the second on your new home.
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Melissa S · April 1, 2010 at 3:29 am
I do know that I have heard of construction loans being extended even until the sale of the house.
References :