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!

Tara

andersoncarl2000 asked:


I am fixing to build a new home and looking for the lowest construction loan

Stella

AC asked:


My husband and I are looking for our first home and have fallen in love with a house that is down to the studs in some areas in the middle of a remodel. The home has no structural issues – it is all cosmetic – but does need all new applicances (has none), new walls (70s style paneling in living room), new flooring (has concrete now) etc. Would we need to get a construction loan even though it is structurally okay? How would the mortgage process work for this?

RODGER