Construction loan lenders in VA
we are at the very beginning of the process. We are thinking to build a house. Reading here and on other sources I figured the first step would be to pre-qualify for a construction loan. Maybe someone knows specific lenders in VA where I can call and get consultation?
Here is our situation. Basically right now we have a small rambler that we bought in 2009, upgraded (roof, paint, floors, HVAC, deck and porch). We would either build on our land or buy new property with a house for demolition. We live in the area where there are a lot of little 1950 houses, that are quickly being demolished and new houses built. The only reason I am hesitant to build on the lot that we already have is that we could likely make about $100K on this house if we sell it, but I am afraid to sell it and then not be able to buy new land. I guess I need to talk to the lender to see how they come with approvals, what they look for as far as equity etc.