Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Ryan Foote

Ryan Foote has started 1 posts and replied 14 times.

There is a lot of hiring happening right now.    https://finance.yahoo.com/news...

Post: Kingston NY Area Investors

Ryan FootePosted
  • Brooklyn, NY
  • Posts 16
  • Votes 7

There's an Ulster County REI Meetup group as well. I'm planning on attending the next one in a few weeks.

https://www.meetup.com/Ulster-County-Real-Estate-Investors-Group-Meetup/events/cjrdkrybccbfc/

Post: Mobile Home Park in Winchester, Indiana

Ryan FootePosted
  • Brooklyn, NY
  • Posts 16
  • Votes 7

Hi Bob,

This one is not for me, but I would be interested in being added to your off market deals email list.

[email protected]

thanks!

Try contacting these guys.  I'm in the same boat and no one else has been able to do this loan in New York.  I have found banks in other states.

http://www.balanceprocess.com/fha-construction-loan/

Post: Fha construction loan

Ryan FootePosted
  • Brooklyn, NY
  • Posts 16
  • Votes 7

It looks like https://www.huntmortgagegroup.com/real-estate-product/federal-housing-administration-fha/ can help too

Post: Fha construction loan

Ryan FootePosted
  • Brooklyn, NY
  • Posts 16
  • Votes 7
Originally posted by @John Widlacki:
Good evening BP’ers! My question may be fairly simple, does anyone know of any banks, credit unions, etc. that do FHA new construction single close loans? I know the FHA offers them, but it seems for some reason most banks that do FHA loans do not do these types of loans. I am in the Chicagoland area, so finding a bank here would be ideal. Any help would be greatly appreciated!.

Hey John, 

Check out these guys.  They have been very helpful.

http://www.balanceprocess.com/

Post: Fha construction loan

Ryan FootePosted
  • Brooklyn, NY
  • Posts 16
  • Votes 7

Hi all, I found one.  Thoughts on these fees?

AFR’s Fees:

AFR only charges a $10 flood certificate fee and an $895 underwriting fee (which can be bought out through the rate) across all

of our loan programs.

  • Construction Administration Fee is 2.25% of permanent loan
  • “Note” amount

  • Construction Underwriting Fee is $250
  • Construction Closing Coordination Fee is $275
  • Construction Inspection Fee $525 for
  • Manufactured/Modular Construction -or-

  • Construction Inspection Fee $875 for
  • Site-Built Construction

  • Interim Construction Interest Rate*:
  • 8.00% on Site-Built Construction

    9.95% on Manufactured/Modular Construction

    Post: Fha construction loan

    Ryan FootePosted
    • Brooklyn, NY
    • Posts 16
    • Votes 7

    @Phil G. Thank you!  I had reached out to Cascade and they said they couldn't do NY, but I'll check Pinnacle.  I also found another lender who does them, but the program seems quite rare.

    Post: Fha construction loan

    Ryan FootePosted
    • Brooklyn, NY
    • Posts 16
    • Votes 7

    @Phil G. Hi Phil, can you please ping me the information from the lender in NE?

    Thanks

    Hey Josh,

    Looks like a great opportunity.  Just a quick FYI, the link in your 2nd post, does not appear to be working.