Hoping someone can answer this. I am in the process of having a new home built on some property that i own outright. The builder is going to provide the construction loan to build the home. Before signing a contract he wants to be sure that we are going to be able to get the long term mortgage. My mortgage broker has provided me with a 90% letter of pre approval. I was asking them if it was possible to get a 100% loan commitment letter if there is such a thing. They said that banks will not issue that on something that doesnt exsist meaning the home that isnt built yet. Is this true. ???
question about 90 % letter