banking rules are odd to say the least, I understand them but they make you think WTF?? bought 20 acres but couldn't use the land itself as collateral, but I can use other land as collateral?? makes no sense to me??
wanted to build on that land last year, no problem at the bank qualified for a $450k mortgage... then it's-"oh, you needed a construction loan? um... we can only go 250k and you need 20% down plus you have to roll the land into the mortgage as well. you said you wanted to do a Morton building?? no, for that we need 40% down due to no comparable sales to base an appraisal on"
so, no construction last year. start over this year with a standard stick built home and it's "you're qualified for $350k on the construction loan with 10% down" ?? I get things going and now the hold up is the land appraisal, can't get to that for 6 weeks for some reason?? I may break ground by fall??
