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Old 01-22-2014, 09:45 AM
hts hts started this thread
 
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Title pretty much says it all. I'm looking to buy a lot and build a small house in an Austin suburb and looking for a banker with a competitive construction-perm loan product--TIA.
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Old 01-22-2014, 09:55 AM
 
Location: central Austin
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Have you found a lot? That would seem to be the biggest obstacle, especially if it is outside of a master-planned, HOA burdened community.

Almost everyone can do a one-time close, construction loan that converts to a permanent loan these days (BoA, WF, even many credit unions) especially if you stay inside conforming limits.
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Old 01-22-2014, 10:27 AM
hts hts started this thread
 
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Yes, I've found a lot and made an offer this morning. Hasn't been accepted yet, but we're close enough that I have no doubt we'll be able to get there from here. Was looking at a number of MPC's, but just couldn't get past the developer-controlled community propane issue.

I have spoken with several local bankers ref. construction-perm 1-time close products, but none that seem particularly compelling/competitive. I'm looking to see if there are any truly unique/compelling product offerings out there--thanks.
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Old 01-22-2014, 10:48 AM
 
Location: Cedar Park, Texas
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I don't know what things they offer that would benefit you, but my family has done business with Southside Bank in Tyler, TX for decades (literally -- at least 50 years that I know of!) and they've now opened branches in the Austin area. Might be worth a shot to give them a call, since they're not a national bank. I was so happy to see that they opened up here, because I know, without a doubt, that if I ever need anything it takes one call to them.
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Old 01-22-2014, 11:02 AM
 
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One time close construction loans are hard to find. We ended up using AMC Mortgage for our one time close loan. It's who most other banks referred us to when they could not offer the product. They do the majority of David Weekley's build on your lot loans so they are well established.
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Old 01-22-2014, 07:23 PM
 
Location: central Austin
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What would make it compelling? Uniqueness is not a quality I seek in mortgage or banking products. The more standard it is the better the chance of bundling it up and securitizing it.
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Old 01-23-2014, 10:25 AM
hts hts started this thread
 
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I spoke to a banker in Nov and he was offering a 10/5 ARM with 2.5% 10-year fixed construction (convert to perm/1-time close) loan with a MAX 3% bump at year 10 for years 10-15 (and another max 3% bump at year 15, etc.) with a LIFETIME max cap of 8.5%.

Unfortunately I spoke with him earlier this week and that program is no longer available. In answer to your question, I found that product to be somewhat compelling.
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Old 01-23-2014, 12:34 PM
 
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Or..... talk to a mortgage broker. Let him figure it out.
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Old 01-23-2014, 04:44 PM
hts hts started this thread
 
762 posts, read 2,163,646 times
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Quote:
Originally Posted by 399083453 View Post
Or..... talk to a mortgage broker. Let him figure it out.
Great idea. Got any mortgage brokers (who work with one-time close construction-to-perm loans) referrals?

I called three (3) brokers this afternoon, and two of them hadn't even heard of the product I was inquiring about, let alone had any expertise or ability to refer me. What a joke.
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Old 01-23-2014, 07:51 PM
 
Location: central Austin
7,228 posts, read 16,105,799 times
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Finding a one-time close, fixed rate is hard enough, if you want an ARM on top of that . . . tough going.
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