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New construction lending? Looking for advice.
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Anyone have advice for someone shopping for construction loans?
My situation:
- Own land free and clear and want to use it as collateral
- I am not financing through the builder
- Loan amount puts me in the jumbo category
- Have a fair amount of equity in my primary I'd like to make use of somehow
- Would prefer not to pay 2 mortgage payments throughout construction
My questions:
- Is there a method to finding lenders that offer construction packages? It's been VERY hit or miss so far.
- Are there calculators that allow me to compare construction to perm versus construction then refi?
- Any cautionary tales? What should I avoid?
[EDIT] Specific location is Northern Georgia
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