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James's Forum Posts: 7
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By James in Kansas City, MO on 6/30/2006


I would like to know if anyone has used Sunset Mortgage Company. Secondly I need to know how the first part loan would be for the lot and construction and then a second loan.

What would be included in the second loan beside the first loan, which would be the lot and construction loan?


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By Tom in Stroudsburg, PA on 7/1/2006


James, it's not just your mortgage company.

They all split construction and permanent. It must have something to do with there ability to sell the mortgage or government reporting requirements.

Most likely though just a way to whack us for more fees. Your assumption is correct. The first loan puts the package together so you end up with a livable house and the second loan refinances the first loan. Usually at a better interest rate.
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By Julie in Cache Valley, UT on 7/1/2006


I was able to get a one time close on a construction loan that rolls over into a permanent loan at the end of construction.  I closed at the beginning of my construction and that part was done... interest rate determined, etc. 

I used Washington Federal (I know they are in other states but I don't recall where and I don't believe they sell their loans.) but if you don't have a WF in your area, maybe you'll find other banks with similar arrangements.  Good luck!
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By Dale in Richland, AZ on 4/9/2007


Some of the reasoning behind having two separate loans is specialization of risk.

There are some companies that are willing to accept the higher risk that is associated with land acquisition and construction. Others won't, but they will accept the risk of lending on a finished home.

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By Guy in San Luis Obispo, CA on 10/23/2007


Hi Dale,

I was lurking through various posts today and found this one.  I recommend everyone research ml-implode.com for some training videos they have posted there regarding loans, and scotsmanguide.com for lenders, which breaks it down onto types of loans and where they loan. It's great information and critical if the goal is to be a smart shopper. (Also would recommend the buyerbefair film website regarding using sustainable lumber, as long as you're browsing.) 

Aloha,

Guy

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