We are in the process of looking at homes and an option e we think is better since we can’t find a home we like is buy a lot and build a new home. In terms of buying a lot we have money to purchase the lot immediately whether in cash/check whatever. The problem lies in getting a loan for the construction itself. We were already approved for a mortgage on an already built home through a bank statement loan. As I understand it is more difficult to get a loan for a construction project vs an already built one. Options I’ve seen are Non-QM loans that would use business bank statements to qualify for the loan but they are rare. Are there any other options for someone like me that would use bank statements that I could look into that would make the process of getting a loan for a construction project easier? I’m located in Georgia if that helps at all. Thanks in advance.
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source https://www.reddit.com/r/RealEstate/comments/1wclehj/loan_for_small_business_owner_new_construction/
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