Yes, there are plenty of construction to permanent financing options available that will enable you to use your lot as sufficient equity to eliminate additional funds out of pocket. Most lenders will want you to have sufficient cash reserves to pay your mortgage for at least one year.
Email me and I can send you some options for consideration.
Timothy Brown | Managing Broker
Academy Residential Mortgage, Inc.| firstname.lastname@example.org
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
The best option you will find in Atlanta will be 20% down on a CP Loan. The loan is for new construction (no existing structure on the lot) - so I donâ€™t think the option below from Bill will work.
If there was an existing structure you could look at a tear down renovation or the hard money loan, but based on the question, it looks like a new build.
If you would like more information on a construction loan, I can offer a referral to one of the best construction loan officers in Atlanta. Just shoot me an email.
NMLSR ID 448285
Wells Fargo Home Mortgage
464 Cherokee Ave Se
Atlanta, GA 30312
Tel (404) 610-1011
Fax (877) 302-9968
Long answer - When I was shopping for this type of loan for a client of mine I found a few local banks that would at 25% down but the qualify criteria seemed to be ridiculous. Even with good credit and plenty of cash in the bank they wanted us to practically build the house first and then come to them to refinance it...