I want to build my dream home. The House and Land package is 500,000. Now what?
Does a bank give me a loan on 80% of the home, so I need to come up with 100K? I do not own anything, so does that need to come in the form of Cash? what other means could I do, understanding cash is the best option.
Now, once we figure out the 20% down, what happens from there? The House is built to plan, and then the remaining 400K Becomes my mortgage, and theoretically I have 20% equity in it? Or in these economic times, does a house and land package that costs 500K, really not worth 500K, or is it worth more perhaps?
What are the different loans I will need (i.e. construction loan, mortgage, line of credit)
If i look at "For Sale" homes in the 500K range, can I expect that is what my "built" home will be, in the sense of land space, and sq ft of home? (well newer homes in the 500K range, not forclosued or fixer upper homes)