Jumbo construction loan lenders that do 10% down?

Asked by Jeremy, Indianapolis, IN Wed Dec 5, 2012

I'm currently looking for a construction jumbo loan lender that can lend 750,000 total with 10% down($850K total price [house lot]). We currently own the lot, wife and I have 800 credit scores, and no real debt. Our house plans are nearly complete and would like to capitalize on current market rates.

I have a lender that can do 717,000 total payout @ 10%. This difference will take me ~8months to make up the difference to reach the 750 I need. We are okay with that, but I would prefer to capitalize on current rates if possible; so I'm trying to see if there is another lender that can do 750,000 @ 10% for a strong profile buyer.

Any lenders or brokers with a product that might fit our situation?

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Answers

3
Rosejudyy, Home Buyer, South Miami, FL
Mon Sep 19, 2016
For a jumbo construction loan, I have not seen anything besides 20% down. I have not heard of anyone that has 10% down on a jumbo construction loan I am afraid. Hopefully you get some positive responses though. If not, I wonder if you can come up with 20% down (maybe get some gift money?), and then after settlement, get a 10% equity line to pay back whomever you borrow another 10% from? Just a thought. Good luck.
http://usaconstructionloans.com
0 votes
Tom McCollis…, Agent, Indianapolis, IN
Fri Dec 14, 2012
Not a specific scenario I've had come up for me yet. Send me an email and I'll give you a few lenders to contact and see if any of them have any options available to get you a loan now to take advantage of the current low rates.

Tom McCollister
Keller Williams Realty
317-410-9709
Tom.McCollister@kw.com
0 votes
GB Landrigan, Agent, Indianapolis, IN
Fri Dec 7, 2012
I've often found that locally-originated lenders often work best in such cases. As you have probably discovered, you will need to find a lender who offers "shelf" or "portfolio" loans. While I can't speak to your specific situation, the National Bank of Indianapolis has worked successfully with me on quite a few "out of the ordinary" loans.

G. B. Landrigan
Landrigan & Company, Realtors
317.255.0255 direct
gb@landrigan.com
http://www.Landrigan.com
0 votes
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