01-11-2013 10:59 PM
Does anyone know of any banks, credit unions, etc. that are doing construction loans? And any with lower down payments?
My fiance and I found our dream piece of land, but I know it's really hard (if not impossible) to get a construction loan right now.
01-12-2013 12:17 PM
Washington Federal and Wells Fargo, among others, will do construction loans at 20% down for under $600k, 25% over $600k. It's extraordinarily hard to build a decent, stand-alone home in this area for under $600k, so I'm guessing you'd be in the 25% bucket.
There are no options that I have found to get a 600k+ loan for less than 25% down outside of commercial lending (which you probably won't qualify for)