Return to the Buying and Selling Homes Forum | Post a Follow-Up

 o
Construction Loan In MI - Searching For Low Down Payment

Posted by TTina (My Page) on
Mon, Aug 8, 11 at 7:31

Hi, I have picked the absolute worst time to buy/build a home. The big wigs claim it's a buyers market but all the homes available in my price range are in very poor condition, so I am looking into having a small home built. I recently moved from TN to MI and I'm having trouble finding a mortgage company/bank in MI to finance a new construction loan for 10% down or less. So far, is all I have found are loans for 20% down and I do not have enough money. Does anyone know of a mortgage company/bank that offers a lower down payment on new construction. Any help will be greatly appreciated. Thanking you in advance for your kind assistance. :)


Follow-Up Postings:

 o
RE: Construction Loan In MI - Searching For Low Down Payment

Without a decent amount down the lender is at high risk if the house is not completed.

Either purchase and renovate or rent.


 o
RE: Construction Loan In MI - Searching For Low Down Payment

Best buy one of those fixer uppers for 3.5% down, and do some renovating... can do with a 203k loan which rolls the renovation costs into the mortgage.
I really do not think I would trust building with anyone right now.


 o
RE: Construction Loan In MI - Searching For Low Down Payment

You may be someone who would never lose their job or default on the loan, but to the bank, your numbers just don't add up. Giving loans to people with poor ratings is what got us into this mess. If you don't have enough to put down for a conventional loan, you don't have enough for a home needing renovations. And since you just moved, you don't have a long history at your job. You are an extremely high risk individual. You need to keep working and saving until you have enough money.


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!


Return to the Buying and Selling Homes Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.


Learn more about in-text links on this page here