How much construction loan can I get?

It is the same as any other mortgage loan, you can typically qualify up to a debt-to-income ratio of 45%. Plenty of variables, but that is the basic number. I lend in MN Wi IA SD ND. Cambria Mortgage, NMLS 274132

Typically, if you qualify for a mortgage of $600,000, then that is all you are going to get in construction funds. Thinking like it was your money you were lending, if the buyer/builder could only afford payments on a $600,000 loan amount, would you lend him more just because the proposed value of the finished product is more? If he can't make the payment, you wouldn't make the loan. The equity in your land would make the lender more comfortable, but they still won't give you more construction money than you can afford to make payments on. They do not want to foreclose to get their money back, which is what will cap the size of your construction loan. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000.