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Financing in Prior Lake : Real Estate Advice

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  • Home Buying5
  • Home Selling1
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Activity 4
Thu Jun 16, 2016
Dan Tabit answered:
Jim,
If you are building a custom home, or a spec home on a separate lot not part of a development, my experience is that you would be responsible for obtaining the construction loan. I did a few of these when I was a licensed lender and you must work with your builder on a developing the plan into various phases including the timeframes for each one for the lender to fund each aspect of the construction project.
If you are buying a home in a new development, the builder will have established a loan for the project and you will only need to arrange a final loan upon completion.
There are, or at least used to be "one loan" construction to permanent building loans where portions are paid at various milestones and the final loan is set upon completion. Speak directly to a couple local lenders about the current options available and what you may qualify for.
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Mon Jun 27, 2011
Matt Jahr answered:
I believe "Loan Modification" is what you are referring to. They are extremely difficult to come by because on one hand you need to exhibit the hardship and drop in income to support it, but at the same time, you need to show the ability to repay the loan according to the modified terms; kind of a Catch 22.

We specialize in short sales, so in the event that you do go that route, I'd be happy to help you out. We can usually get our clients qualified for up to $12,000 in relocation assistance money under one of the 2 or 3 government backed short sale programs.

Loan modifications are tough, so good luck. I wish you the best.
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Wed Feb 17, 2010
Fred Glick answered:
Sorry, but based on IRS rules, nothing is deductible on a refinance.

If you pay points, you can spread them out over the life of the loan.

For example if you paid $3000 in points and had a 30 year loan, then you can deduct $100 per year.

Good luck!
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Thu Apr 11, 2013
Aaron Dickinson answered:
Your price should be higher than 2003 but by what amount is hard to say without having been inside your house. My guess would be $290k - $300k +/- but that is purely a guess. Appraisers have many variables to look at today and if your loan to value (LTV) ratio is greater than 80% on the refi you might find you have to pay mortgage insurance now when you didn't before. Appraisals and lenders are getting quite funky lately... one lender & appraisal might give you what you want, another may not. Just bite the bullet and have a lender do an appraisal. $350 tells you definitively whether you can do it or not.

If you need a couple names of lenders I recommend, let me know.
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Financing in Prior Lake Zip Codes

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