WHAT DO I DO FIRST?
QUALIFY WITH A LENDER
One of the first steps in the process is to get qualified with a lender for a construction to permanent loan. This is important! You need to know what you are eligible to borrow. NOT ALL LENDERS qualify the same way. Some are more liberal than others. Be selective in who you approach to pull your credit. Each time a lender pulls your credit using your social security number your overall credit scores are reduced. Credit scores (the higher the better) are one of the main components lenders use to qualify you.
OK... WHAT'S NEXT?
After you have been pre-approved, CMD will work with you to price out a home you have selected. All of the following items have the potential to be included in your loan depending on the programs available from the lender you select:
• Land
• Site Improvements
• The Modular Units
• Permits and Closing Costs
It is quite possible, due to the degree of equity on your project, to secure a loan with 100% financing! Credit scores and loan-to-value (LTV) ratios play a significant part in this. That's why it is important to know how much you qualify for.