Construction Loan

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We are considering building a house and are interested in the construction to permanent loan option. Are there any lenders that don't require at least 20% down payment for these loans? Our income and credit scores are both very good, but it would take us a while to save up 20% for a down payment. We're hoping to find a lender that only requires a 5% down payment. Thanks for your time!

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Answer #1

The lowest down payment requirement I’ve seen is 10% through Brent Mendelson at Monarch. More details here:
http://www.choicefinance.net/blog/2011/10/construction-to-perm-loan/

Answered By: choicefinance.net Level Rating

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Answer #2

Thank you for your question. Do you currently own a home that has some equity in it? If you do that equity could possibly be used as the down payment. Outside of that lenders are requiring 20% down. I haven’t heard of a 10% down construction loan, but if there is that will be your best option.

Skip Kittleson
Access National Mortgage
NMLS# 658891
301-252-7924

Answered By: Level Rating

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