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Old 04-29-2013, 07:06 AM
 
Location: USA, Nebraska
102 posts, read 208,325 times
Reputation: 70

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I'm given the option of a personal loan to build a home, but it would be short term and end in December.

I prefer this because I don't have stipulations or interest of a home builder loan.

Is it possible to then take a mortgage out on my home to repay the personal lender? Chances are I would not have the house finished, most likely just wrapped up and watertight. I assume this means it has no occupancy allowed at the time. Its value will also be less without finish work done. Will this hurt chances of whatever I could do?

I live in Nebraska if this makes a difference.
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Old 04-29-2013, 07:44 AM
 
4,567 posts, read 9,099,568 times
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If it has no occupancy and is not finished, you will not get a mortgage. You will need a building loan. So you're in the same situation.
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Old 04-29-2013, 12:41 PM
 
3,806 posts, read 8,261,054 times
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Hey, I grew up in Elkhorn.

You need a Certificate of Occupancy to do that kind of loan. Other options might include getting the builder to build it on his dime, then doing a One Time Close when it is complete.
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