20 percent down on construction loan
Do you HAVE to put 20 percent down on construction loan at the closing? We haven't put our house up for sale yet and we have a lot of equity in it. I thought we could put 10 percent on the construction loan then more once our house was sold and the home was built.
How does this all work? We will be calling lenders Monday, but I'm curious now. We put in a purchase agreement on a lot and were told that we should get a construction loan not a loan for the lot only. This way we can avoid two closings.
Please she'd some light on this. Thanks!!