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Occupying the Home


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Ric's Forum Posts: 65
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By Ric in North Bend, WA on 1/3/2010


I know... I need to ask my lender this question, and I have, but they avoid answering. So I'll go for a general consensus.

Does anyone know if a construction loan prohibits occupying the home "during the life of the construction loan"?

We're at a position where we can get our certificate of occupancy, but we're not "done" yet. For financial reasons, we want to get the house certified, and move in, but still spend the next couple of months under the construction loan (the loan termination date is March 30).

So, do we "have" to convert the loan before we move in, or can we occupy the home & convert it later?

Thoughts anyone?

Thanks!!

-Ric

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By Jere in Ray Twp., MI on 1/3/2010


Ric,

As soon as you get your C of O you can move in.

Jere

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By Kenneth in Lees Summit, MO on 1/3/2010


Ric,

The lender providing our construction loan worked with multiple general contractors; so to have "model" houses open didn't faze them. They had no deadline for repayment of the construction loan; it accrued interest until closed - for some of the GCs they worked with this might be on the order of years. That said, we lived in our house for several months before we converted our construction loan to a permanent mortgage. It was nice to have this flexibility.

Please note the interest rate on your construction loan is likely at a premium to a mortgage loan though. Also with a construction loan, you have no escrow so make sure you budget for insurance and taxes. I was more than willing to deal with some downside to have the flexibility. To this day I don't have escrow (I even refinanced with a bank that didn't offer the option of no escrow - guess what, maybe they do ;-).


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By Ric in North Bend, WA on 1/4/2010


Kenneth

You have a rare lender there. My lender (as with most I know of) has an end date that you must be finished by. I've already had to extend mine once, and the fees are stiff. I'll do everything I can to avoid extending it again.

However, I'm remaining hopeful of occupying the home by the end of the month. I can complete what I need to from there.



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By Victor in Ruckersville, VA on 1/4/2010


We lived in ours through most of the process also. Although, ours was an addition and not new construction. Good luck... it was a bit trying at times.


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