NO
LONGER AVAILABLE
Please
call or send an email of your need,
and
I will see what I can do to accommodate you.
410-643-0222
888-643-3659
On
Line Maryland Construction Pre-Qualification
Send
e-mail
Borrower
may need to own the lot (as with standard construction / perm programs)
to finance closing costs. Borrower may or may not need to own the
home (standard rehab programs). We will use final appraised value
per plans and specs. Under some circumstances, you may complete the
transaction with
little
or *NO MONEY OUT OF YOUR OWN POCKET...
Don't
Forget!! The Seller can pay closing costs!
Ask
for the Seller to pay for closing costs in contract.
Little
Money Down Construction or Rehab Loan in Maryland
Purchase
Lot At Time Of Construction or Rehab Loan
| Lot/
Home Purchase Price |
100,000 |
| Cost
To Build/ Rehab |
150,000 |
| Total
Hard Costs |
250,000 |
20%
Down on Lot
or
10% Down of Total Hard Costs
(which
ever number is higher) |
20,000
25,000
In
this case 25,000 downpayment |
| Value
When Completed |
281,250
(Minimum 80% of loan)
Minimum
= Loan Amt x 1.25 |
| 80%
of Completed Value |
225,000 |
| Lot
-Down Pmt + Build Costs = |
225,000 |
| New
Potential Loan |
225,000 |
Above
example shows little money down construction loan in Maryland
No
Money Down Construction / Rehab Loans Are No Longer Available
Don't
Forget!! The Seller can pay closing costs!
Ask
for the Seller to pay for closing costs in contract.
Guidelines
Do Change, Please Call Us To Discuss.
REHAB
LOAN IN MARYLAND
NO
LONGER AVAILABLE
Please
call or send an email of your need,
and
I will see what I can do to accommodate you.
| House
Value As Is |
200,000 |
| Cost
To Rehab |
50,000 |
| Mortgage
Balance |
120,000 |
| Owed
on Mortgage + Cost to Build |
120,000
+ 50,000 = 170,000 |
| Value
Completed x 80% = |
275,000
x 80% = 220,000 |
| New
Potential Loan |
170,000
+ Closing Costs |
This
example shows a no money out of pocket transaction.
Closing
costs are included and financed into the new loan.
Please
call us with your unique individual situation.
We
offer frank advice based on our many years of construction loan experience.
We
have found email just does not work as well as phone conversations.
Please
call for details!
410-643-0222
888-643-3659
Click
to see our Construction Loan Overview.
On
Line Maryland Construction Pre-Qualification
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Home
or send e-mail
|
