Feb 12, 2015

Updates On Financing Options Part 2

First Atlantic Bank (Southpoint Branch)

  • They do land and construction loans
  • Land loan details
    • 25% down
    • interest-only up to 2 years
    • interest rate 5-6% (slightly better than Coastline’s 7%)

Florida Credit Union

  • FCA does land loans 25% down, 6% for 60 months or 7% for 84 months with credit score 720 or better
  • Can use equity of lot after owning it for one year
  • No known land loan minimum that the rep knows of
  • Will approve our builder
    • will need to fill out paperwork and run credit check
  • Appraisal process for construction loan
    • use a sales approach
    • base value of home on recent sales
    • be careful of luxury items as they can decrease the value of the home
    • example of “green home” when there are no others in the area
    • recent family of members

First Atlantic Bank (San Marco Branch)

  • Decided to not use this bank because of bad customer service
Posted in Land stage