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Construction loan - second closing

Posted by nycefarm (My Page) on
Mon, Aug 18, 03 at 16:16

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


Follow-Up Postings:

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RE: Construction loan - second closing

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 ;~)


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RE: Construction loan - second closing

Dave Donhoff, S.R. (Stress Reducer)

ole joyful


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RE: Construction loan - second closing

Thank you!
Val


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