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IndyMac - Loan duration?


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Bill's Forum Posts: 64
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By Bill in Callahan, FL on 1/18/2006


For people that have dealt with them, how long will IndyMac allow you to build your house? Are there extensions for a fee? If so, does anyone know how much, roughly?

Bill


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By Jay in Elkhart, IN on 2/10/2006


Bill,

Most banks will allow 6 mos. from start of construction to finish your house. You can always extend this; and yes there is a fee associated in most cases (there are always exceptions). IndyMac, I believe will allow 8-12 mos. for construction. A little word of caution: if you're extending your project out that long, you need to take into consideration locking in interest rates; they will most likely fluctuate after your designated time period, make sure you understand what your options are.

Also you may want to look at other cost factors when extending your project out over several months.

1. You will be paying interest on your draws (typically higher then prime).

2. If you are doing a lot of your labor and subbing other areas, you do not want your subs to wait on you for a long period. If it's too long they may want to rebid their job due to increases in product prices or simply reassessing the job.

Just my thoughts.

Jay


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By Tom in Stroudsburg, PA on 2/18/2006


Bill, I have a construction loan with IndyMac Bank and they allowed me a 12-month construction period. I had a building permit problem and requested an extension. They have several options available; #1 pay a five-thousand-dollar fee, #2 agree not to transfer your loan for three years and they waive the fee, #3 is a combination of #1 & #2. That said, heed Jay’s advice. Costs will spiral nowhere but up. The extension will be the least of your troubles. After your 12 months expires, so does your builders risk insurance because you became a liability and when you do find someone to pick up the coverage you can expect a $4,000-$5,000 premium increase.


This is all avoidable. #1 if you're buying the land, be sure and have all your research done in advance. Is it buildable, water, septic, utilities, and zoning? #2 Have full sets of engineered prints that meet code prior to closing. #3 If you have available funds, get the building permit in advance. Then you can start immediately after closing or sooner if you have the land already. #4 Do not allow IndyMac to drag your closing too late in the summer or fall. I applied in April and they kept wanting additional this and that all the way into September. It wasn't until I gave them one week to get their act together or I was pulling out that they finally got their act together. The point is it is a lot easier to fill out paperwork in the winter than to dig and pour concrete in the winter. Make yourself a cutoff date and stick to it.


#5 IndyMac kind of leads you on to make you believe you get all kinds of money up front. If you are relying only on their money, you will be operating on a shoestring. To help yourself out when you make your build cost budget, put extra money in your earthwork and utilities; they give you this first. Also put a lot in your lumber package, this is one of your earlier draws. And to stay within a target budget, reduce appliances or landscaping. Hope that helps.


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By Tom in Stroudsburg, PA on 2/23/2006


I don't know if there was an extra charge for the 12-month term. I knew I was going to need every bit of 12 months to get done, so pricing 6 or 9 months wasn't an option. I can tell you that I requested a 10-month extension with no change in their terms for the extension. Once I sent in my request for the extension and signed their mortgage form letter, it was like it was on autopilot; no hassles at all. You should be able to call them and find out if there is a fee or interest difference between 6 - 9 - 12-month terms. That would be general information that should be on the tip on their tongues.
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By Frank in Fallbrook, CA on 3/2/2006


Just so you know, IndyMac will allow loans out to 18 months. There are add-ons for additional time above their standard 6-month construction term.

There are loans out there that have construction terms as short as three months. Most CTP (Construction to Perm) lenders will allow you to convert to perm financing whenever you are finished building up to the term of the construction loan.

Most lenders have substantial penalties if you do not finish within the agreed-upon term. You are better off paying the additional fees (or higher rate) up front rather than the penalties that will be assessed.


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