My house is under construction, can I get a loan to finish it?
By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
My house is under construction, can I get a loan to finish it?Yes, actually and you have a choice. But Beware!I recently was called when another consultant did a 203k inspection and write up. The loan was about to close when the title company refused to provide clear title. In case you aren't aware, the title company will always drive by the house they are insuring just before it is to record. That has always been the protocol. In this case what they saw was a brand new garage slab and driveway. OOPS! Title companies don't like construction to be apparent at the time they are guaranteeing the title. What if the contractor doesn't get paid and files a lien? Don't do that! When a client owns the house and they are getting money to complete their project I will tell them never do any work ...