How Not to Get a Construction Loan

[Napoleon]

How not to get a new construction loan (for the frugal):

10. Live in America.
9. Have more than 50% equity to put down.
8. Have an above 800 credit score.
7. Have no debts.
6. Own your own land free and clear.
5. Plan to build a modest house - not a McMansion.
4. Plan to build on your own lot - not a McMansion subdivision.
3. Build a modular home through an established company.
2. Live in an area of the country where housing prices never
overinflated and there are very few foreclosures.

AND THE NUMBER ONE REASON:

1. Go to your local bank which is waiting for the next TARP handout
and doesn't need your MEASLY MONEY.

I love America, don't you?

-N

[Napoleon]

[Reggie]

"Napoleon" <ana...@666yes.net> wrote in message
news:o19pm4d9cuh0r2ahp...@4ax.com...

you plan on taking out a loan and having initial funds flow from you TO the
bank? I wouldn't loan you money either!

[Napoleon]

On Tue, 13 Jan 2009 23:38:32 GMT, "Reggie" <Reg...@wantsnospam.com>
wrote:

>you plan on taking out a loan and having initial funds flow from you TO the
>bank? I wouldn't loan you money either!
>

I have no idea what you're talking about. Yes, that's right banks only
lend 100-120% of the total money. Yes, that's right. They need no
downpayment. Yes, that's right. Banks only prefer to lend to people
with no equity and the need for ALL the cash from the bank. Yes,
that's right.

You must live in California or Nevada or one of the other states that
live in the la-la land of real estate.

[Larry Caldwell]

In article <o19pm4d9cuh0r2ahp...@4ax.com>, anarch@
666yes.net (Napoleon) says...

There's your problem. You went to a bank. Banks don't have any money.
Go to a mortgage broker and you will get your loan in short order.

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