Home Buying in Golden>Question Details

Dawn,  in Boulder, CO

How difficult is it to get lot loan with 20% down 800 credit how do we get loan to build a home on the lot? Would it be 2 separate loans w 20% down?

Asked by Dawn, Boulder, CO Sun May 19, 2013

We "own" two homes. One is a rental. We would make our existing home a rental after buying a lot and building nearby. Excellent credit. 800 We are able to put 20% down on each if necessary. How do we find builders for a home of our choice vs cookie cutter styles? Do banks give out separate loans for each, ie land & home build? How difficult is it to get these types of loans? I've heard land loans are difficult to get.

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Hi Dawn,

You are looking at doing some interesting investment opportunities. You need specialists to guide you through these unique transactions. I recently worked with a very similar situation with some clients who owned a home and wanted to build in Boulder County. I found and worked with an amazing facilitator - (Carol Barsh Bontrager - 303-905-6900) who guided us through the process and knows all of the custom builders in the area. We chose Dave Coenen of Coenen Homes and it was a very smooth process until the buyers had to go back to an assignment in China for another year. They decided to put of the plan until next year. The lender we worked with was Cheryl Miller with Compass Bank - 720-881-1016. She has programs to purchase land or to purchase and build a custom home and include the land in the process. Very knowledgeable and proficient with these types of transactions. Let me know if I can help you further. All the best.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Tue May 21, 2013
Call Jim Ahlin at 720-306-8001 for any and all mortgage questions, and Carl Fuhri is an amazing custom home builder 303-960-5855. If you need any assistance with buying and/or selling, I would love to help you! Christine Martin 720-545-9004.
0 votes Thank Flag Link Mon May 20, 2013
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