Comments on: I have a piece of land. How does it work to get funding for constructing a new house? http://www.zerodownwebsite.com/zero-down-mortgage/i-have-a-piece-of-land-how-does-it-work-to-get-funding-for-constructing-a-new-house FREE Info - Learn How to Buy with a Zero Down Mortgage. Tue, 07 Sep 2010 06:02:44 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Steve http://www.zerodownwebsite.com/zero-down-mortgage/i-have-a-piece-of-land-how-does-it-work-to-get-funding-for-constructing-a-new-house/comment-page-1#comment-1124 Steve Mon, 21 Dec 2009 15:46:59 +0000 http://www.zerodownwebsite.com/zero-down-mortgage/i-have-a-piece-of-land-how-does-it-work-to-get-funding-for-constructing-a-new-house#comment-1124 it used to be a simple task,getting construction loans. times have changed now and with bad economy and even worse housing market,banks aren't very anxious to lend for development. however,if you could find one,expect higher int.rates than 30 y.fixed most of the loans do not require monthly payments during construction and after the completion of project,the loan automatically is rolled into a standard 30 year fixed. (original const.loan plus all the int.payment for the duration of construction).this loan will have the market rate. depending on where you are and what you are building,it is possible to finance the 100% of the cost. look for local banks who aren't very much in checking or saving business (commercial banks) they are the best source for this types of loans. a very specialized mortgage broker can help you too. good luck<br><b>References : </b><br>30 years of real estate and mortgage broker it used to be a simple task,getting construction loans.
times have changed now and with bad economy and even worse housing market,banks aren’t very anxious to lend for development.
however,if you could find one,expect higher int.rates than 30 y.fixed
most of the loans do not require monthly payments during construction
and after the completion of project,the loan automatically is rolled into
a standard 30 year fixed. (original const.loan plus all the int.payment
for the duration of construction).this loan will have the market rate.
depending on where you are and what you are building,it is possible
to finance the 100% of the cost. look for local banks who aren’t
very much in checking or saving business (commercial banks) they are
the best source for this types of loans. a very specialized mortgage
broker can help you too.

good luck
References :
30 years of real estate and mortgage broker

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