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Cash out refinance on construction loan need help

We built a house still in construction loan,house is done time is up on loan and we need to do the permanant financing.We want it in husbands name only his credit is about 750.His income is 1624.00 monthly disability and we need to borrow 128.000 to combine all of our bills with this loan.Went with one bank and apppraisal came back low 155.000.They tried to run it with pmi and we was denied any sugestions???I needed to close like yesterday.Thanks by mamapi_365_449 from Crossville, Tennessee. Jun 21st 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,506 contributions

Construction to permanent is available.. No way can you roll in your personal debt with it.. Never gonna happen... There is lender paid mortgage insurance (LPMI) as an option rather than paying monthly... you could also do an adjustable rate to get the monthly payment down to qualify... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com

Jun 21st 2012
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Eric Blossman NMLS 211144 (eblossman)
#116 ranked lender in Texas - 63 contributions

I agree, you can only do a rate and term on this one. Sorry about that.

Jun 21st 2012
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Are you guys sure about this?Why would this lady have me pay for a appraisal for nothing?Our closing was scelduled for Monday and she came back and told me they wouldnt do it because of low appraisal so she sent it in with pmi and she said it came back denied.

Jun 22nd 2012
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If this is true,she sure has me in a pickle.While we was building,instead of borrowing more money on our construction loan ,we put it on credit cards in my name,so now I cant make all of the payments.

Jun 22nd 2012
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Nancy J Releford (nancyreleford)
#5 ranked lender in Tennessee - 222 contributions

I have never heard of such a thing. I have done alot of construction loans in TN. It just can't be done. Did you go through a bank or a mortgage company? You always have to have an appraisal on the front end of a construction loan based on the contract, plans & specs & then a final appraisal once the home construction is completed.

Jun 22nd 2012
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We went through a small local bank to get the construction loan and then was advised to go to another local small bank to do the perm.An appraisal was done with the construction loan it appraised for 178,000.When we went to do this loan they sent an appraiser out and he only appraid it for 155,000.We got the construction loan at union and they will do the financing but its at 6% The other was community bank in Cookeville and they was suppose to do it for 3.85% but now after we are out the appraisal she is saying everything is rejected

Jun 22nd 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,239 contributions

I do not believe you can combine your personal debt into the loan. I think you will only be able to do a rate and term loan. All the best.

Jun 22nd 2012
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Julie Arnold (jarnol_674_157)
#18 ranked lender in Tennessee - 16 contributions

Call me or email me direct. We close loans that others turn down. Jarnold@peopleshomeequity.com

Jun 21st 2012
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