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Updated over 11 years ago on . Most recent reply
What's a good product smaller than a construction loan?
I'm going to be constructing a single family but the loan amount needed will be far lower than a construction loan will allow, $70k of financing will be required and lender I spoke with said no lender would loan below $200k. I have excellent credit and when it's time to borrow will have 35-40% down.
What type of financial products are available with these constraints? I'm early in the game of researching finance and need to find what type of product to call the lenders about.
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#3 Guru, Book, & Course Reviews Contributor
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Welcome to BP!
You should have no problem with a 70K construction loan as far as the dollar amount borrowed! I suggest you not get advice from that person anymore, that was nuts.
To build a home you need a construction loan, so you are correct. :)