Can I Get Permanent Financing?
I am looking into building a house for my personal residence. My plan would be to build it and live it for two years and then sell it, to avoid the capital gains taxes. I have family willing to help with the construction loan, but not the permanent mortgage. This brings me to my question, assuming I have a significant amount of equity in the property is it possible to get a permanent mortgage for more then my income would traditionally qualify for. If so what would the limitations be? Any advice here is greatly appreciated!
The answer to you question is yes. Look into interest only or libor arm's or try doing a web search for 1.95% loans these are great short term programs. This will allow you to Qualify for more house. Just do the math. the shorter the term on your arm the better the rate. Good Luck![ Edited by jlwirk on Date 10/11/2003 ]
or a No Income Verification loan which can be done with the 1.95% program as well.
I offer both programs, so if you're interested , send me a private message.