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New Const. Lenders

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SG43
Regular Contributor

New Const. Lenders

Good morning,

 

I am finally ready to start a new construction loan.

Do we have a list of new reputable nationwide new construction lenders?

The builder we have selected has two different local banks

(Prosperity Bank and First Liberty National Bank) that do new construction,

I am also interested in shopping others - I have accounts with NFCU ( I do not believe they do new construction)

Chase, and a relationship with amex, discover, and many others.

Suggestions? Questions concerns comments? Thank you.

Zip code building in 77575

Current fico scores across the board all over 800.

Est. Cost of construction 450-500k

Property owned no liens or back taxes.

Downpayment 90k cash.

Income over 100k on w2.

More surplus cash i can pull from if needed.

I have 2019,20,21 and soon 22's w2 ready as well as chk/savings statements and 52 weeks of stubs. Can go farther back if needed.

Can also get tax returns for last several years if necessary.

 

 

Thanks for the help.

 



Open Installments - Nfcu Auto (51% Left)
Closed Installments - Cap 1 Auto, Chase Auto, Prosperity Bank Secured
Closed Revolvers - Nfcu Plat V, NFCU Plat MC, Citi Simp, Citi DC, Citi DP, Cap1 Plat, Cap1 V1, Chase FU, First Premier, Capital1 Quicksilver, BBVA/PNC Points, Apple Card GS, Discover IT
Closed Busi - Amex BBC & BBP (Chopping block: Amex Prime, Sapphire Reserve [pyb changes])
Message 1 of 6
5 REPLIES 5
SG43
Regular Contributor

Re: New Const. Lenders

It looks like chase also does new construction loans-  this is good news. Anyone else i've heard of?

Preferably in the greater houston area / large national banks



Open Installments - Nfcu Auto (51% Left)
Closed Installments - Cap 1 Auto, Chase Auto, Prosperity Bank Secured
Closed Revolvers - Nfcu Plat V, NFCU Plat MC, Citi Simp, Citi DC, Citi DP, Cap1 Plat, Cap1 V1, Chase FU, First Premier, Capital1 Quicksilver, BBVA/PNC Points, Apple Card GS, Discover IT
Closed Busi - Amex BBC & BBP (Chopping block: Amex Prime, Sapphire Reserve [pyb changes])
Message 2 of 6
Mortgage-Specialist
Established Contributor

Re: New Const. Lenders

Regarding the lenders you've already been in contact with, are they doing a one time close?

Message 3 of 6
SG43
Regular Contributor

Re: New Const. Lenders


@Mortgage-Specialist wrote:

Regarding the lenders you've already been in contact with, are they doing a one time close?


FLNB does a one time close, I have not inquired with Prosperity or Chase yet.



Open Installments - Nfcu Auto (51% Left)
Closed Installments - Cap 1 Auto, Chase Auto, Prosperity Bank Secured
Closed Revolvers - Nfcu Plat V, NFCU Plat MC, Citi Simp, Citi DC, Citi DP, Cap1 Plat, Cap1 V1, Chase FU, First Premier, Capital1 Quicksilver, BBVA/PNC Points, Apple Card GS, Discover IT
Closed Busi - Amex BBC & BBP (Chopping block: Amex Prime, Sapphire Reserve [pyb changes])
Message 4 of 6
805orbust
Valued Contributor

Re: New Const. Lenders

Puhleeeeese,  you're guaranteed to get premium terms with your profile and other factors.  US Bank called my wife and I and said they do new construction as well. We're supposed to go meet with them in a few weeks, although I didn't plan on starting this project until next year.  Guess you can add them to the list.



Message 5 of 6
oorhett
Regular Contributor

Re: New Const. Lenders

Looks like you're in Texas, you should look into SSFCU most builders that I have been talking to recommend them in my area (Utah). If they are available to you that is who I would reach out to first. https://www.ssfcu.org/ 

Good Luck!




BK 7 5/19 Discharged 09/19
Beginning Scores - EQ 579, TU 565
Current Scores(Vantage, high/current) - EQ 728/690, TU 706/685 / (Fico8/9) EX^8 697 TU^8 677 EQ^9 699
Mortgage (1/24) - EX 720 / TU 727 / EQ 713
Message 6 of 6
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