RECENT BLOG POSTS
Land equity comes in three forms;  *First, gifted land- A family member has offed to gift you land, or sell it to you at a greatly reduced price, and you have accepted their generous generous offer. Congratulations, you now have equity in your project! How much equity will depend on the appraised...
03/27/2018
Many of my referrals come from factory built home dealer/builders. Modular and Manufactured homes are great for the FHA/VA construction loan program. They save on construction costs and time (allowing you to save on interest during construction). They are built with quality materials, in a contro...
03/26/2018
I frequently get calls from home buyers that want a construction loan to purchase and fix up an existing home. These loan are what we would call Rehab or Rehabilitation loans, not construction loans. The most well know rehab loan is the FHA 203k loan but Fannie, Freddie and even VA have their own...
03/25/2018
I had a call from my website yesterday from a frustrated home buyer. He wanted to buy a home with an FHA loan. Not surprisingly he's had a rough go of it. Several offers made, always losing out to a cash or conventional loan offer. He now wants to build but wasn't sure of what steps to take in wh...
03/23/2018
I frequently have potential borrowers state that they want to participate in the construction of their new home to save money. Unfortunately this is another layer of risk for construction lenders in an already risky loan. No lender I know of will allow the borrower to do this on a low down paymen...
03/21/2018
With the FHA Construction loan your contractor will only be paid as work is completed. This process is called is called a "draw".    It starts with your contractor contacting the lender to let them know that work has been completed. The lender will then send out an inspector to confirm that the ...
03/20/2018
A wise person once told me "The most important thing in your life is your health, but your credit score isn't too far behind.". I wholeheartedly agree.  Your credit score doesn't just affect if you get a loan or not (and the rate you pay) it affects your insurance rates, and even job opportunitie...
03/19/2018
A mortgage application, of any kind, is suppose to be a "snapshot" of the applicant's employment, income, debt, assets and credit worthiness. Don't move while the lender is trying to take this picture!   How do you "stand still" and not jeopardize your approval? Follow these rules; 1. Don't quit ...
03/18/2018
 The less you put down the more important it is to build a home that is "common" for the area that you are building in. Why? Sooner or later an appraiser will have to set a value for your home. This value is NOT based on the dollars you have in your build but rather the sale price of similar home...
03/17/2018
No one likes surprises. I'd like you to be fully informed about the application, closing and draw process before you begin. Here's a brief description of what you can expect as we move forward; Pre-Qualification- We start with a phone call. We will discuss your employment, income, cash on hand, c...
03/16/2018
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Jerry Thomas-Construction Loans

Construction Loans in MI, OH, VA, GA, FL and AL
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