My bank in SW Georgia wants 7.5% on 2-yr balloon note for $75,000. Any lenders nearby willing to re-finance for 10 yr balloon for waterfront lot?

Asked by Kaypierce, Clay County, GA Tue Oct 19, 2010

Owned property since 2006. Tax Value is $77,000. Appraisal is $85,000. Cleared, ready to build on Lake Walter F. George (near Alabama line and same lake as Lake Eufaula.) Gated community. Lot next door sold for $135,000 in 2006. I need a longer term note with lower payments than $500 month. Don't mind higher interest rate, but plan to build in 4 years for retirement and re-fi then. 5 yr or 10 yr balloon note preferred. Have no other debt. Net Worth Good. Average credit. No credit cards. State employee/Court Reporter, Income: 32K

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anselmgirl16, Home Buyer, New York, NY
Sat May 11, 2013
I am new to this arena, so I had to look up the term Balloon Note. For anyone that is interested, I found a good definition here
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Chris Colvin, Other Pro, Marietta, GA
Sun Nov 7, 2010
Thinking ahead~ something to consider will be if you are going to stay in the house while the renovation/addition is underway. On paper there is a 6 month window called out to complete the renovation within, but the HUD Consultant can submit a Change Order to extend this up to almost 12 months if required. Most of the larger 203(k) reno's that I consult finish at about the 8/9 month mark - but working across holidays can often add a nice chunk of time to the schedule. If you do move out - try to stay in the neighborhood so you can walk by it regularly. Construction creates a lot of conflict, and the solution is frequent communication.
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William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Sun Oct 24, 2010
Two choices: Georgia's Own Credit Union or I can do a 203K loan for you if you intend to live there as your primary residence. The FHA 203K loan has two types of programs within it. One program (the most common) is non-structural. The second (less common) is structural.

There is no limit as to how much you can borrow to buld your home on the structural loan. In GA, there are only a few banks that offer this program. My bank is one of those. The great thing about the FHA loan is that the rate is slightly higher than normal (probably in the 5's). If you prefer to get an Adjustable loan, one may be available for you. However, why not just get a fixed rate loan?

You may contact HUD for more information regarding 203K loans. Lenders, like myself cannot give you a balloon note. It's illegal.

Good luck
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Desari Jabbar, Agent, Stone Mountain, GA
Tue Oct 19, 2010
Contact Marcia Mayweather. She might be able assist. She's a mortgage officer with Community Capital Bank, a direct lender. No middle man.

770-895-2817 Cell:

Best of luck to you!
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