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1 time close construction loan

Looking for a one time close loan program with the follow details:1. full doc loan2. 645 mid score3. $75,000 cash on deposit/down payment4. w-2 income5. very low DTI6. $415,000 loan amount7. Lot pay-off $240,0008. Construction cost $235,000are there any lenders out there to fit this request? by tpotte_948_457 from Mckinney, Texas. Jun 18th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

You can utilize the FHA 203k in which we specialize in but you have to be careful that you do not exceed the HUD limits (SFR are $417,000 max in most areas) Our lending states are NY, NJ, PA, CT. If you are in Texas we cannot help you but can refer to someone who can. Let us know.Armando Morell908-933-0253

Jun 18th 2012
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Most mortgage brokers do not do 1 time close loans.. These are best handled by the local bank or credit union... Your score is a little low, so you might have a problem finding a lender... FHA won't work because in Collin County, the FHA loan limit is $271,050. Improve your score, and apply with the local bank or credit union.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 18th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

yes ,, is your lot pay off included in your loan amount? by how is it shown on your email, it apprears to be .. please go to my website www.yourloanpartnerforlife.com you might have to copy and paste in your browser , it depends on your server ... i do construction loans for residential , as well as commercial..

Jun 18th 2012
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Usually you need 680+ for loans such as this.

Jun 18th 2012
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property value should be around $580,000

Jun 18th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

The FHA 203k is not going to be a solution because they cannot be used for new construction, only re-hab. With the market crash, most lenders got out of the construction side of the business. There are a few left, nationally. Start at Lender 411 and look for a lender in your area. Next try the Scotsman Guide at www.scotsmanguide.com. Finally, try your local banks and if they don't, see who they recommend ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Jun 19th 2012
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