Just moved to Colorado Springs and this market is nuts. Houses are under contract in 72 hours or less, and selling for %10 over the already inflated asking prices. After 6 weeks of hotel living and being out bid on every house I'm tired.
So me, not wanting to deal with that BS, decided to start shopping for land to build on. I found my ideal property. It's seriously amazing. 30+ acres 15 minutes outside town, and all utilities already installed on site. It's ready to build on. Did I mention 180 degree views of the Rockies?
Now I want to do a construction loan where I finance the land purchase and construction together. USDA, FHA, and VA all have programs for this scenario, as well as banks themselves.
I email my mortgage guy, explain it all. They don't respond for three days and only after my agent calls and gives them an earful.
This shit bag tells me that "construction loans like that aren't really a thing", "construction materials costs are too high anyway", and "just stick to an existing home since that's the mortgage you're already pre-approved for".
Fuck that guy.
I found my dream property, I have plenty of cash for closing, etc, excellent credit, excellent income, did my research, ....... and that's his response?
So, now that's said, which local lender here in Colorado Springs wants my business and is willing to work for it?
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source https://www.reddit.com/r/RealEstate/comments/lte7nt/i_fired_my_mortgage_broker_today/
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