Construction loan - second closing

nycefarm_gwAugust 18, 2003

Just sitting here worrying about when we finish the house we are building, if we need to go through ALL the grief (paperwork) we had when closing on the construction loan. They obviously looked at all statements and assets then, my question is will they look at all this again?

They based my eligibility (partially) on cash accounts around $50,000. Now I have had a couple unforseen building expenses and wanted to use some of it to pay (which is why I had it stashed in the first place) Contigency money I think it is called.

The construction loan is supposed to "convert" when the house is finished. Not supposed to be a "second" closing.

Any replies appreciated,

Thanks, Val

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Hi Val,
A) If you did a "one close" construction-to-perm combo, then you'll have no further scrutiny,
B) If NOT, then I still wouldn't worry too much... that "contingency money" is required EXACTLY for the reasons you found you needed it ;~) That's the plan!

Sounds like you ought to be fine!
Dave Donhoff
Just some mortgage guy ;~)

    Bookmark   August 18, 2003 at 6:34PM
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Dave Donhoff, S.R. (Stress Reducer)

ole joyful

    Bookmark   August 18, 2003 at 11:56PM
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Thank you!

    Bookmark   August 19, 2003 at 9:37AM
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