What if we do not sell our home by the time we have to close on our construction loan?

ursaitaliano70 asked:


What happens if we don’t have the money from our existing home to pay into the construction loan? Will we have to keep the loan at that amount. Will we be able to put the money from our existing home into
the loan once we get it? Will we have to refinance the whole thing to do this and go through another closing? We would appreciate any answers that are based on facts only. Thanks.

Kristin

Tags: Construction Loan, Existing Home, Money

This entry was posted on Tuesday, July 28th, 2009 at 4:03 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “What if we do not sell our home by the time we have to close on our construction loan?”

1. teran_realtor Says:
   July 31st, 2009 at 4:59 am

   Alicia

   Assuming you’ll qualify to make payments on both houses, do this:

   On your new home, get an 80/20 or 70/30 or 60/40, or whatever, just so that once you sell your present home you can pay off the second on your new home.

2. Melissa S Says:
   August 1st, 2009 at 1:35 am

   Ruben

   I do know that I have heard of construction loans being extended even until the sale of the house.