New home construction loan appraisal came low...
EJ M
4 years ago
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dan1888
4 years agoAlly De
4 years agoRelated Discussions
low down payment construction loan options?
Comments (6)miscindy: We just closed on July 31, 2009 (In Central Ohio) with a 3.5% Construction Loan through Huntington National Bank! At the beginning of the year, when we first started the process, they went from 5% and then a couple of weeks later, they decided to only go 10% down! So we contacted Wells Fargo and was told about the FHA 3.5% down. So we contacted our loan officer again at Huntington (because their fees were a little lower and plus we really liked the lady) and she went to her manager and voila, we got a Construction Loan with 3.5% down and 1 time close!!! I know what you have been through! Frantically, back in January, we were pacing the floor wondering what we were going to do, because we didn't have $15,000 to 30,000 down and we had already sold our home!! So be patient, call around and compare the fees!! GOOD LUCK!!...See MoreNew Construction.....Low Appraisal.......Advice Please
Comments (13)I agree w/the others who cautioned to research complaints on builders and also cautioned about using the builder's lender. Pressuring appraisers to meet the number is how builders and others who had a vested interest in it, kept prices inflating during the bubble. These houses were never worth what they were selling for during the bubble, it was an illusion that burned many people along w/the foolish lenders. Last but not least, do not make the mistake of dismissing internet complaints you will find as baloney. MOST complaints about builders and their warranties are now hidden in private records due to mandatory arbitration clauses in builder contracts and warranty policies; arbitration prevents suing which is a public record, so no public record exists on numerous complaints. The internet can be the only way to find out about some, when people who are fed up with their lack of recourse post complaints to warn others. Check out google.com's search engine (I know that's obvious to most people but I try not to assume), also hadd.com and hobb.org I can't imagine anyone would go thru w/this sale after thoroughly checking this out. Don't fall for this attempt to sell you a house that's not worth what you will owe on it....See MoreConstruction Loan In MI - Searching For Low Down Payment
Comments (3)You may be someone who would never lose their job or default on the loan, but to the bank, your numbers just don't add up. Giving loans to people with poor ratings is what got us into this mess. If you don't have enough to put down for a conventional loan, you don't have enough for a home needing renovations. And since you just moved, you don't have a long history at your job. You are an extremely high risk individual. You need to keep working and saving until you have enough money....See MoreFeeling kind of bummed, loan did not approve due to low appraisal...
Comments (31)You can do this for less, especially if there are no load-bearing walls involved (which is often true in condos and townhomes). We opened up our kitchen and completely remodeled it using Ikea cabinets and custom granite for about $25k total. Ikea cabinets were $6000 including 2 tall pantries, Ikea installation is $2500, countertops were $5000 installed (you could go cheaper with prefab), and we got a new range $1000 at Ikea and hood $300. Backsplash tile was the Home Depot white subway and totaled about $250 for materials. The rest was labor for the contractors demo, drywall repair electrical and lighting, and permit. And we live in a very high cost area, quotes for renovations ranged up to $100k for this job. I planned the layout in Ikea designer with the help and advice from the gardenweb kitchen forum. Our kitchen was "liveable" after we did a major facelift in 2012 when we bought it (painted peeling old cabinets, concrete skim coated the awful old tile) but it was very poorly laid out, not nice to work in (including stve right beside doorway with no landing area), had very little storage considering the 3 walls of cabinets (few drawers, cavernous blind corners) and felt closed off from the rest of the house. We love our new kitchen and even if it doesn't add significant value to our home (we know we over-improved a bit) we find this kitchen a joy to cook in and entertain guests from, and we also plan to be here at least 5 more years so we wanted to have a kitchen we'd enjoy for the indefinite future....See MoreThe Kitchen Abode Ltd.
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