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Rick, General Contractor
Category: Home Improvement
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Experience:  Licensed construction supervisor with 35+ yrs. experience.
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If we want to build a home and buy the land at the same time,

Resolved Question:

If we want to build a home and buy the land at the same time, where do we find a mortgage company here in Florida. Do any General Contractors know how we would go about this. Thank you.
Submitted: 1 year ago.
Category: Home Improvement
Expert:  Rick replied 1 year ago.
Welcome, my name is XXXXX XXXXX I will do my best to help you with your issue

Generally banks are best for construction loans since they have a presence in the community and typically will keep the loan in their portfolio not sell it off to another investor. A mortgage company/broker generally is only/primarily concerned with how much money they can make on the loan. While this may not matter to you if it is a typical mortgage a construction loan is a different animal.

If you haven't bought the lot already then buying in a subdivision is usually the safest since subdivisions need town/city approval. If you're considering a stand alone lot it would be best to hire a general contractor to assess the lot for construction before you buy. You're usually much better off to leave the banking to the bankers and the construction to the GC. A contractor who is tied in with a mortgage broker/company is a recipe for trouble.
Rick, General Contractor
Category: Home Improvement
Satisfied Customers: 14751
Experience: Licensed construction supervisor with 35+ yrs. experience.
Rick and 6 other Home Improvement Specialists are ready to help you
Customer: replied 1 year ago.

Once a loan for building is approved, is the loan given in certain amounts as the house is built, or all at once?

Expert:  Rick replied 1 year ago.
There typically are what are called draws from the loan as the work progresses. When the money is released and under what circumstances is usually spelled out in the loan terms. Some lenders are more flexible than others but gone are the days of releasing money with no proof of work being accomplished or materials delivered
Rick, General Contractor
Category: Home Improvement
Satisfied Customers: 14751
Experience: Licensed construction supervisor with 35+ yrs. experience.
Rick and 6 other Home Improvement Specialists are ready to help you

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