Forgotten Your Password?

Need to Register?

Question Icon

Any construction loans with 5% down?

Need a construction loan, about $350,000. Highest down payment i can put is 10%. Looking to build in ohio by richardcurb550078741 from Bedford, Ohio. Mar 17th 2015 Reply


Kim Lawson (kilawson)
#57 ranked lender in Ohio - 149 contributions

Hi, Yes! There's the Homepath (conventional 5% down) loan product; there's also FHA (3.5% down) and VA (100% financing - if you're a veteran.) If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

Mar 17th 2015
1
0
Amy Wedig (amywedig)
#38 ranked lender in Ohio - 5 contributions

Good afternoon! We do have a construction product available with conventional financing. Please contact us for details. Amy Wedig Loan Officer Polaris Home Funding. 740-815-8565.

Mar 17th 2015
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

It's highly unlikely you will find any construction loan with just 5% down.. First of all, constructions loans are literally the absolute most risky for lenders.. they commit today and disburse within the first few weeks, yet the property wont be complete for 8 to 12 months in most cases.. a lot can change in the market place in 8 to 12 months.. Need I remind you of what took place in the fall of 2005.. The loans with the absolute highest fail rate were construction loans.. this all being said, construction loans are making a come back. but i doubt you will find any out there willing to do a 5% down.. typically, 20% to 30% is more realistic.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 17th 2015
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Hi Richard, as stated above 95% is pretty much unheard of for new construction. It is possible to purchase an existing home, add in needed repairs (HomeStyle and FHA 203k primarily) and put as little 3.5-5% of the total down as long as the improved home appraises high enough. I handle both options. However, if you want to build new we will loan up to 90% of the total cost, or appraisal, whichever is lower. If you already own the land when we close the loan, we'll use the value of the completed home to calculate the 90%. 843-619-6025 or click on my name above for other contact options.

Mar 17th 2015
0
0
Michael Reeve (mreeve_685_355)
#51 ranked lender in Ohio - 1 contribution

We offer a 5%, one time close, construction to perm loan. Micahel Reeve, First Financial Bank 614-682-5252

Mar 18th 2015
0
0
Subscribe to our news feed.