 jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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 Posted: Fri May 01, 2009 12:01 am Post subject: |
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Hi VINCE,
A construction to permanent loan is indeed a very good option. You can pay only the interest during the construction period and once the construction is complete, it will change into a permanent loan and you can start paying the the interest as well as the principal. There will be only one closing which will save you a lot of money. There are quite a number of lenders participating in the forum who, I think, can help you. What you can do is, you can go for a no-obligation free mortgage consultation with the lenders in this community. They will consider your credit score, income level, DTI ratio etc and offer you free consultation on the right kind of construction loan that will suit your purpose. |
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