Financing in 28411>Question Details

Jamesgreen61…, Home Buyer in Wilmington, NC

I would like to find someone that will do a construction to permanent home loan here in the Wilmington area.

Asked by Jamesgreen61james, Wilmington, NC Wed Nov 21, 2012

I have land that i own free & clear that i would like to use the equity in it for the down payment. The land has been appraised at $50,000 & the tax value it $68,000. I have signed a purchase agreement already & the house is $208,000 but i have been working on my credit to clear it up so that's why i am in need of this type of loan. I also am employed full time & have been with the same company for 19 years.

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James - I work for Union Mortgage Group in Wilmington, which is a division of Union First Market Bank based in the Richmond area. Our specialty is construction to permanent lending. Our average turn around time for closing the construction loan is 4 weeks. In some cases we will lend 100%.The best thing about it is your construction loan is that it isinterest-only and tax deductible. It's less expensive for you and your builder will love it because it eliminates the need for him to find financing.

We offer loans for conventional buyers, VA, FHA and USDA. Matty Fitzgerald is the Regional Manager and has 26 years in the business. I have yet to see him not close any qualified borrower. He has all the answers, to all the specifics, and personally manages the qualifying process. He's your man. You can call me and I will introduce you to Matty.

Margo Davy 910-443-2310

You can also look us up on the web http://:www.bankatunion.com. Click on mortgages.

Thanks for your consideration.
1 vote Thank Flag Link Thu Jan 10, 2013
Hands down Union Mortgage Group has a predictable construction to perm loan; guidlines, rates, service, timeline; no other lender can touch the product. Margo is right Matt Fitzgerald who has 26 years in the business closes 15 to 20 loans a month; many builders depend on Matts construction to perm loan. This isn't about being popular it's about performance. Give Margo a call if you are even considering a construction to perm loan. She is working for an excellent group.
Flag Tue Mar 5, 2013
Suntrust has put their construction to perm product on hold. First Federal (Ashley Weninger) and East Carolina Bank (Clark Helton or Bonnie Wallace) would be three of my recommendations.
0 votes Thank Flag Link Wed Nov 21, 2012
Call Brent Eckhardt at Suntrust at 395-8426, that is his specialty. You may also try Wendy McCoy (male) at Wells Fargo at 612-5166. Good luck!!
0 votes Thank Flag Link Wed Nov 21, 2012
I would recommend you contact either SunTrust or First Citizen's Bank here in Wilmington. You seem OK on the required loan-to-value for First Citizens which would require 10% down, I believe Suntrust requires 20% down which means you might need to come up with an little extra downpayment if you used them. However, the main determining factor will likely be your credit history and if it works within their guidelines. Good Luck and have a Happy Thanksgiving!
0 votes Thank Flag Link Wed Nov 21, 2012
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