How do I borrow money to finish a home that did not have a construction loan or mortgage?

Asked by Ron, 60611 Thu Aug 20, 2009

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Danielle Hud…, Home Buyer, New York, NY
Sun Oct 19, 2014
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looking for a small loan to complete my small residential home is there any way you can help me, bernice
Flag Sun Oct 23, 2016
priddyneat, Home Buyer, 15801
Tue Sep 30, 2014
YES SIR I HAVE BEEN BUILDING my home I need 100,000.00 to complete the construction of my new home. Due to circumstances beyond my control after the total loss of my prior home to an explosion and fire there was insufficient insurance monies to rebuild due to the depreciation charged by the insurance co.
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Annette Levi…, , New York, NY
Tue Oct 19, 2010
203K is your best bet if the amount you need is less then maximum limits. Otherwise you need a bank that does construction loans. This would be less risky for them since you already started and have permits in place.
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Mary Nack, Agent, Chicago, IL
Thu Sep 30, 2010
Yeah - that's a tough one. One of my investors just closed on a deal he intends to flip. He paid cash and owns the property free and clear. He was told by his bank that he had to finance the deal BEFORE the closing - (i.e. finance the acquisition) otherwise, he has to wait 6 months before they will do a refinance deal to give him the construction money. And if that isn't bad enough, they would have financed 80% of the acquisition price - but only 70% of a re-fi. Sucks, huh?

You may want to contact Wells Fargo and see if they will do the deal. I have another investor that I'm working with right now and Wells Fargo seems willing to be creative with the deal. My contact at Wells Fargo is

Or - as someone just said - you may want to look into an FHA203K program. I would only work with a specialist in that area, though. The loans are complicated - and those inexperienced with them do not have a very good close rate. This company specialize in doing these loans almost exclusively:

Good luck!
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Gregory Cook, Mortgage Broker Or Lender, Temecula, CA
Thu Aug 20, 2009
It depends on a number of factors, but you may be able to use the FHA 203k Rehab loan. For more information on the program, go to the HUD website: If the loan you will need to finish the home is bigger than the HUD maximum for your area, check out Fannie Mae's Homestyle loan program.
Hope this helps.
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Abe Mills, Agent, Greenville, SC
Thu Aug 20, 2009
You need to go talk with a banker and tell him/her your situation. They might take the property in collateral and give you a loan to finish. It all depends on the tye of equity you have there.

Good luck!
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