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Need help with construction loan

We are looking to build a house in Chapel Hill North Carolina. About us, my wife and I have credit scores in the 750-800 range, income of 500,000+ per year, and very little debt. Our current house is under water but when we sell we are able to pay the difference but that will eat up most of our down payment money. We qualify for VA loans (disabled vet) as well as a number of physician loans but the problem is that most builders can't qualify for construction loans so we are left to provide the construction loan. Unfortunately all of the mortgages we qualify for (VA, Physician, etc.) do not have a construction or construction-perm option and traditional construction loans require 80% LTV which we don't have. Loan amount needed is 650,000 ( house will cost about 700,000 and we are putting down 50,000). Thoughts? Opinions? by marcyg_260_232 from Chapel Hill, North Carolina. May 17th 2012 Reply


David Fitts (david@dffinancial.com)
#15 ranked lender in North Carolina - 5 contributions

Let talk and review your optionsPs; what branch of the serviceDavid Fitts - USMC RetiredBranch Manager - NMLS#71294Equity Loans, LLC5960 Fairview Road - Suite 339Charlotte, NC 28210704-968-7356 direct | 866-254-4844 faxdfitts@equityloansnc.comwww.equityloansnc.com

May 17th 2012
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Parrish Register (pregister)
#17 ranked lender in North Carolina - 8 contributions

Good morning,Congratulations on being able to get out from under your existing home and move on to a new chapter. You are correct in the fact that most builders lack the ability to attain construction loans now due to the housing collapse. However we have a local bank that I can put you in touch with that will handle the construction loan and then we provide the permanent financing. I will forward your scenario to him this morning and should have an answer by noon.If you are interested reach out today when you have a chance and have a great Friday.pregister@fpfraleigh.com---Parrish Register

May 18th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

Hi Marcyg_,The option above from Pregister may be your best option if it works out. We offer a very flexible construction loan to contractors with less than perfect credit and will finance up to 75% of the home price assuming we are also providing the permanent financing, possibly using your VA eligibility. Please contact me to discuss your options through PrimeLending. I'm in Charleston, SC 843-619-6025 (or pdumouchel@primelending.com ) - Phil Dumouchel

May 18th 2012
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J D (jjfsmithloans)
#604 ranked lender in California - 27 contributions

Contact us now for your financial solution; We are the right lenders capable of funding your account within 24 hours.mayfundsinc@live.com

May 26th 2012
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