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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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7 years ago