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Any construction loans in Columbia, SC with 5% down and low interest rates?

by Jay_pringle52172 from Cayce, South Carolina. May 24th 2019 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed,,, Are you talking about a custom home on an individual lot? Or are you talking about a a tract home? Financing would be different for both.. Also, if you are talking about a custom home, do you already own the lot?? Many more details necessary, but in general.. if you are looking at a tract home, then typically, you put down a $5K to $10K deposit and the builder uses their own funds to build the home, then 6-9 months later when the home is finished, you apply for financing through a regular bank. Oftentimes, these new home builders have in house financing.. so that's an easy loan to get.. since it's not really a construction loan.. Now if you are talking about a custom home, and you don't own the lot, it's going to be near impossible to find financing with just 5% down.. if you do own the lot already, and you have sufficient equity to meet the lenders requirements.. then it's possible you might not need any money down, as the equity in the lot would be sufficient.. but again, much more details necessary to answer your question.. One possibility is using VA financing.. VA has a construction loan, but you need VA eligibility to qualify, but very, very few lenders offer VA construction loan's.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

May 24th 2019
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