Home Buying in Tampa>Question Details

debbiekayday, Home Buyer in Tampa, FL

What is the percentage needed to put down on a Construction or CP loan? Thanks!

Asked by debbiekayday, Tampa, FL Mon May 28, 2012

Help the community by answering this question:

Answers

2
debbiekayday, there are many answers to your question. If the new home that you will be building is located in a subdivision/development, there might be one or several builders. Each builder offers different financing options. Some builders will carry the construction costs others will not.
Some builders use a risk formula to determine the percentage down required for the new home.
The price point of your new home might be a factor with regard to the down payment.

If you own or buy the lot, the development might require certain builders to build in that development. If you own the lot free and clear a lender might be able to use a portion of the lot equity as part of your downpayment.

There are too many variables to provide you with a clear answer.

Best regards,

Lynn Brock
Brock Realty
http://www.brockrealty-inc.com
941.313.1234
0 votes Thank Flag Link Mon May 28, 2012
this will depend on whether tou are using a new home builder in a new subdivision which generally requires $5000 deposit or if you have your own lot and looking for a builder you would contact your lender about draws for the builder and then sometimes builder have there own lots to build on and my want a downpayment to start.
0 votes Thank Flag Link Mon May 28, 2012
Thanks for this, wanted to know how much the lender requires for a construction loan after you put money down with the builder.
Flag Mon May 28, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer