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How does paying on a new construction (like Ryan Homes, KHOV) loan work?
Posted on December 14th, 2010 2 comments
StockJunkie asked:
So, I understand how mortgages work when you buy an existing home, but how does it work when you buy a home that needs to be built in a new home community….like those being built by Ryan, K Hov, Pulte etc…Do you have to start paying on the loan right away (kind of like a construction loan where they take draws) or do you not make any payments until they finish building the home? Perhaps its a function of when you close on the home?
Thanks!
TaraRenting & Real Estate Construction Loan, Construction Work, Existing Home, Home Thanks, K Hov, Mortgages, New Construction, New Homes, Pulte, Ryan Homes2 responses to “How does paying on a new construction (like Ryan Homes, KHOV) loan work?”
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no you start paying when the house is finished.
if they were a private builder than you would need to take out a construction loan
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Dr. Deth December 19th, 2010 at 03:25
construction loan money gets paid to builder as parts are inspected and passed – when done, it converts to a regular mortgage
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CreditAlignment.com December 16th, 2010 at 06:56