Looking For Money
I am looking for $10,000 to put as a down payment for a home that will be built in 14 months. I plan to sell my home when the new home is done. What are my options for getting the down payment other then a equity line or selling my home? Any help would be great thanks!
you probably need a construction loan. Lenders probably would ask you to establish certain kind of collateral in order to secure lender's interest. Good luck.
Do you have equity in your current home? What about getting a second on it?
If you don't want to put a lien on your house. You need to apply for a signature loan.
Lori
[addsig]
what is a signature loan?
signature loan = unsecured loan or unsecured line of credit.
Perhaps you should look into a bridge loan. A bridge loan basically loans you money on the equity in your house, and bridges the time between moving to a new house, and the sale of your current house. Don't know if a lender would consider such a loan in your situation, but it'd be worth a shot, I think.
Bridge loan - Great idea thanks!
Depending on your income a construction loan would probably be your best bet. You can get with a lender that will have a perm piece ready and only require one closing.
Construction lenders will loan you up to 75-80 of the completion appraised value. This is normally plenty to purchase the land and do the construction. Some lenders will even allow you 6 months without interest payments.