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AuthorPosts
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Drew
ParticipantYep, that POS.
ParticipantYep, that POS.
ParticipantYep, that POS.
ParticipantYep, that POS.
ParticipantMy father is actually in the process of acquiring a construction loan for a remodel on his childhood home that he just inherited after the passing of his parents. The house had a refi a few years back for a small amount of money to help cover bills that could not be covered with their retirement funds.
When my dad transferred the deed into his name and assumed the loan balance, he also inquired about a construction loan. He was told by the bank that they are not giving any construction loans unless the home is the owners primary residence for at least 8-12 months — I cant remember the specific time frame.
Obviously for someone in my father’s situation, this isn’t a problem. But I can imagine the surprise if this happened to a flipper expecting to do a zero out of pocket flip.
ParticipantMy father is actually in the process of acquiring a construction loan for a remodel on his childhood home that he just inherited after the passing of his parents. The house had a refi a few years back for a small amount of money to help cover bills that could not be covered with their retirement funds.
When my dad transferred the deed into his name and assumed the loan balance, he also inquired about a construction loan. He was told by the bank that they are not giving any construction loans unless the home is the owners primary residence for at least 8-12 months — I cant remember the specific time frame.
Obviously for someone in my father’s situation, this isn’t a problem. But I can imagine the surprise if this happened to a flipper expecting to do a zero out of pocket flip.
ParticipantMy father is actually in the process of acquiring a construction loan for a remodel on his childhood home that he just inherited after the passing of his parents. The house had a refi a few years back for a small amount of money to help cover bills that could not be covered with their retirement funds.
When my dad transferred the deed into his name and assumed the loan balance, he also inquired about a construction loan. He was told by the bank that they are not giving any construction loans unless the home is the owners primary residence for at least 8-12 months — I cant remember the specific time frame.
Obviously for someone in my father’s situation, this isn’t a problem. But I can imagine the surprise if this happened to a flipper expecting to do a zero out of pocket flip.
ParticipantMy father is actually in the process of acquiring a construction loan for a remodel on his childhood home that he just inherited after the passing of his parents. The house had a refi a few years back for a small amount of money to help cover bills that could not be covered with their retirement funds.
When my dad transferred the deed into his name and assumed the loan balance, he also inquired about a construction loan. He was told by the bank that they are not giving any construction loans unless the home is the owners primary residence for at least 8-12 months — I cant remember the specific time frame.
Obviously for someone in my father’s situation, this isn’t a problem. But I can imagine the surprise if this happened to a flipper expecting to do a zero out of pocket flip.
ParticipantMy father is actually in the process of acquiring a construction loan for a remodel on his childhood home that he just inherited after the passing of his parents. The house had a refi a few years back for a small amount of money to help cover bills that could not be covered with their retirement funds.
When my dad transferred the deed into his name and assumed the loan balance, he also inquired about a construction loan. He was told by the bank that they are not giving any construction loans unless the home is the owners primary residence for at least 8-12 months — I cant remember the specific time frame.
Obviously for someone in my father’s situation, this isn’t a problem. But I can imagine the surprise if this happened to a flipper expecting to do a zero out of pocket flip.
ParticipantA 15 year fixed loan? Thats great, but how many San Diegans can afford the monthly carrying costs associated with a 15 year home loan? Most couldn’t afford to purchase a home here with a fixed 30 year loan and turned to the IO and higher risk alternatives. So how could they now pay essentially 2x their monthly mortgage on a 15 year loan? I suppose that the minimum wage increase to $8/hr may help, lol.
ParticipantA 15 year fixed loan? Thats great, but how many San Diegans can afford the monthly carrying costs associated with a 15 year home loan? Most couldn’t afford to purchase a home here with a fixed 30 year loan and turned to the IO and higher risk alternatives. So how could they now pay essentially 2x their monthly mortgage on a 15 year loan? I suppose that the minimum wage increase to $8/hr may help, lol.
ParticipantA 15 year fixed loan? Thats great, but how many San Diegans can afford the monthly carrying costs associated with a 15 year home loan? Most couldn’t afford to purchase a home here with a fixed 30 year loan and turned to the IO and higher risk alternatives. So how could they now pay essentially 2x their monthly mortgage on a 15 year loan? I suppose that the minimum wage increase to $8/hr may help, lol.
ParticipantA 15 year fixed loan? Thats great, but how many San Diegans can afford the monthly carrying costs associated with a 15 year home loan? Most couldn’t afford to purchase a home here with a fixed 30 year loan and turned to the IO and higher risk alternatives. So how could they now pay essentially 2x their monthly mortgage on a 15 year loan? I suppose that the minimum wage increase to $8/hr may help, lol.
ParticipantA 15 year fixed loan? Thats great, but how many San Diegans can afford the monthly carrying costs associated with a 15 year home loan? Most couldn’t afford to purchase a home here with a fixed 30 year loan and turned to the IO and higher risk alternatives. So how could they now pay essentially 2x their monthly mortgage on a 15 year loan? I suppose that the minimum wage increase to $8/hr may help, lol.
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