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looking for construction loans

My parents are building their retirement home and I am helping them find a lender for a $640,000 in Santa Barbara county. The home is $505,555, with 33% down. Their income is fixed but high, $195,500 annually and they have high DTI ratio because of the existing loan on current prop. by kwilliams854 from Santa Barbara, California. Apr 23rd 2019 Reply

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

More info needed... is this a custom home where they buy the lot and have custom plans for a one off home.. or is this home in a new home subdivision? If it's in a new home subdivision, then typically, they put a deposit down, and then they apply for a loan once the home is finished.. but if this is a true construction loan... then yes.. those are available. 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

Apr 24th 2019
Dave Skow (daveskow)
#16 ranked lender in Washington - 283 contributions

try US BANK or Washington Federal for construction loans

Apr 24th 2019
Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 608 contributions

When their current property sells, a portion of the proceeds could be used to purchase the newly constructed home with a Reverse Mortgage purchase loan. If your parent's are not 62 years or older, then most nationwide banks offer construction loans.

May 13th 2019
Mel Baker (
#1338 ranked lender in California - 21 contributions

So they are keeping one or more properties, buying another for 505K that they will need a construction loan on? More info is needed!!!Feel free to give me a call regarding the options available to you. NO OBLIGATION. If decide to work together I will offer you the absolutely lowest cost scenario possible.Mel S.BakerArcstone Financial(310) 985-9778 NMLS 80541

May 24th 2019
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