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Do you require land for the payment that is down a construction loan? We bought a parcel with money and would like to understand we apply for a construction loan to build a home if it can be used as a down payment when.

The advance payment needed for a construction or construction-to-permanent (C2P) loan differs but is generally 10% to 20percent. The good thing is that the worth for the land may be used for many or tennessee payday loans online an element of the deposit.

For instance, in the event that you purchase a block of land for $20,000 in cash and wish to build a property having a construction price of $80,000, you may need a construction or C2P loan for $80,000. Continuer la lecture