“Client Wants to Build their own Home”
I have been doing construction loans for clients for a long time. From time to time I get a request from a client wanting to build their own home even though they are not a licensed contractor, but have some experience. This client did all the renovations in their current home over the last 10 years.
The client already owned the land. He and his wife decided on the plans for the home they wanted to build, then went to work getting all the necessary bids and finally a building permit.
Fortunately I have a lender that will allow someone to build their own home as long as they own the land, a perfect fit. They usually require us to do a pre-qualification for the end loan, but since we have done a number of transactions with them that was not a requirement.
I hope all is well. I wanted to bring you up to date with regard to the status of returning the commitment letter to XXXXXXXX. Carol and I will be signing and returning the letter tomorrow, via overnight letter. These folks were a delight to work with as you said they would be. We are so thankful for all your help. At what point do we start the application for the end loan?
Image courtesy of Vectorolie/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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