Getting a Construction Loan

Posted on April 19, 2012 by Bedfordlandings

I called two local (local to Moneta, VA) banks yesterday to start the process of getting a construction loan.  Our house is providing no where near what we had hoped 3 years ago in equity!  Jack will be our general contractor and there is a financial bank penalty for what they call a “self-build.”  The rate is about 4.25% right now but I am still sending them all of the documentation they need before we actually talk with them in person.  They want paper copies.  Really?  I don’t do paper statements nor paper tax forms.  I pdf’d the files.

Today is the mechanicals inspection on the house; next week termite and septic inspection.  More hurdles towards closing!  

One Comment

JEB on April 19, 2012

Although you won't see it, I'm sitting here in Fatherland raising my Pils to wish good luck. Look forward to the ground breaking ceremony. Jonathan.

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