Home Buying in 18062>Question Details

pssv007, Home Buyer in Macungie, PA

I am looking for home construction loan brokers in Lehigh Valley, PA - any recommendations?

Asked by pssv007, Macungie, PA Fri Feb 1, 2013

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Some details from Mona: well a "turn key" is the regular loan...but if they are looking to build, in which they are financed through the construction period (settle prior to breaking ground) then that is a "consntruction to permanent loan" and i don't do them right now. i think in the next year or so more lender might start doing them again. a lot of lenders stopped doing them cause at time of settlement the appraised value would be one thing and then months after it was built, then value would go down (because of declining market/comps) and then would only lend on the lesser, leaving the builder still wanting all their agreed $$. everyone loses. but with values stabilizing they may come back. you can still find lenders who will do them with alot of a down payment
0 votes Thank Flag Link Fri Feb 1, 2013
If it is "turn key" Mona Campos from Waterstone Mortgage can help. Cell 484-225-2334
0 votes Thank Flag Link Fri Feb 1, 2013
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