The reason for this is because if the permanent loan is larger than the construction loan then it is technically a "cash out" loan which runs into fee problems and problems when you get above 80% of appraised value and a higher rate since lenders consider cash out loans to be higher risk.
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The home can be a pre-owned or a new construction unit. Persons wishing to. Homes unsuited for rehabilitation will not be eligible for assistance. Contact the.
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Midland is a larger medium-sized city located in the state of Texas. With a population of 136,089 people and 26 constituent neighborhoods, Midland is the 29th largest community in Texas. Midland real estate is some of the most expensive in Texas, although Midland house values don’t compare to the most expensive real estate in the U.S.
Our construction loans afford you flexible financing to see you through the construction process. Fit your timeline with a loan structure designed to get the job done. Even roll your construction loan into a permenant residential mortgage or commercial real estate loan once construction is done.