Mortgage Loans

[demi]

This is a development with a couple of hundred homes, this one just has started construction yet.  Their preferred lender is Wells Fargo....the loan officer told me there are several 100% still out there, and several first time homebuyers (most of which I make too much for).  Don't know where you are located, but Wachovia is offering up to $25,000 as a grant in California, income restrictions obvisously.  Not sure any apply if you are building on a lot yourself as opposed to a development.

[MsRN2000]

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demi wrote:

This is a development with a couple of hundred homes, this one just has started construction yet.  Their preferred lender is Wells Fargo....the loan officer told me there are several 100% still out there, and several first time homebuyers (most of which I make too much for).  Don't know where you are located, but Wachovia is offering up to $25,000 as a grant in California, income restrictions obvisously.  Not sure any apply if you are building on a lot yourself as opposed to a development.

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That's the thing with me too.  I make too much for the first time homebuyer programs and I am building on a lot myself that I recently closed on - I'd like to roll it over into a construction loan to build my home. And, it is a development but, they sold lots separately - not sure how that will work though. But, I asked because I will be looking for 100% financing and I'll definitely check Wells Fargo - I'll just check it out and see what their requirements are. 

Thanks

[Creditaddict]

you said at the very beginning interest only if you want it? Your not going to do interest only are you?

That seems to be the way to everyone loosing there house.

[demi]

I am not planning on interest only....if its the option that gets me in, I plan on being disciplined and paying into the principle from day one....as well as my yearly pay for non use of management leave.  The interest only was for 10 years, plenty of tiime to refinance...but I prefer traditional.   We will see...would like to get the pmi off as soon as possible, so interest only would only delay that.