mortgage loan for under construction home (financial, lender, purchase, need)

[kmurali70]

What is the process to get a loan for a home which i will be constructing by a builder and will take 1 year.
I am self employed, so i dont want to end up building the home and not getting the loan 1 year later.
Is there any way to lock up the loan on a 360day lock up period ?

[Pfhtex]

Originally Posted by kmurali70

What is the process to get a loan for a home which i will be constructing by a builder and will take 1 year. Construction Loan, One-Time-Close purchase loan, or a normal loan if the builder builds the thing on his dime.
I am self employed, so i dont want to end up building the home and not getting the loan 1 year later. Get your Financials vetted by a lender now, and maintain that income level as reported on your taxes.
Is there any way to lock up the loan on a 360day lock up period ?

No.

[adjusterjack]

Originally Posted by kmurali70

What is the process to get a loan for a home which i will be constructing by a builder and will take 1 year.
I am self employed, so i dont want to end up building the home and not getting the loan 1 year later.
Is there any way to lock up the loan on a 360day lock up period ?

You need to be talking to a lender about all that before you make a commitment to build the house.

There are just too many uncertainties about qualifying for a loan a year from now.

[Diana Holbrook]

Originally Posted by kmurali70

What is the process to get a loan for a home which i will be constructing by a builder and will take 1 year.
I am self employed, so i dont want to end up building the home and not getting the loan 1 year later.
Is there any way to lock up the loan on a 360day lock up period ?

You need to talk to a lender who does construction loans.

Your self employment can make it difficult, unless you've been doing it more than two years and have good income and tax returns to show for it.


You won't likely be able to do work yourself, if that as part of the goal. You will have to pay professionals to do it, and the lender will probably want it finished a lot faster than one year.