Construction Loan to Mortgage?
I currently have a construction loan on the house that I live in but we can’t qualify for a mortgage. Our bank keeps extending the loan even though the house is completed and we’ve lived in it for over a year. How long can the bank continue to do this? Are there federal regulations that the bank has to follow in this situation or is it at their discretion?
We did qualify when we started building and then all of the big changes happend with mortgages and we would have to qualify for a jumbo loan.