/biz/ - Business & Finance

>>	Anonymous Mon, Feb 3, 2020 23:30:34 No.17085372 [View] File: 127 KB, 700x625, download.jpg [View same] [iqdb] [saucenao] [google] >>17085348 I have 20 acres

Construction (((Loans))) is it a scam? Anonymous Mon, Feb 3, 2020 22:30:59 No.17084813 [View]
File: 127 KB, 700x625, download.jpg [View same] [iqdb] [saucenao] [google]

Basically in talks with a lender to buy a place that is a "fixer upper" I thought, hey first time home buyer and a great price why not. Call the lender and he says cant do FHA, cant do conventional loan. He can only do a Construction loan;
Basically this means I borrow the asking plus the construction cost amount and pay 7.5% of it for a year. then after a year I am reappraised for a refinance of an ordinary loan. I pay closing costs on both transactions and basically pay the bank 7.5% to fix a house which i have to then repurchase. Am I missing something?

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/biz/ - Business & Finance

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