I have a construction loan and built a house, now I can’t find a bank to finance the mortgage.?

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I was approved for a residential construction loan in March of 2008. I built the house and it was finished and inspected in November of 2008 and at that time I moved into the house. Now, almost a year later, the bank that granted the construction loan cannot find someone to finance the balance in a mortgage. The house is worth quite a bit more that I built it for, so I will have a lot of equity in the home. The bank that financed the construction loan is being NO help at all in aiding the process of converting the construction loan into a mortgage. I have been paying the interest payments on the construction loan for well over a year, and due to a variable interest rate, the payments are higher than my proposed house payment. What can I do?
To the person who asked if I have called around or looked at Lending Tree – The bank that financed the loan tried several times to get it financed and they could not find anyone to cover the loan. I am just wondering what happens if I can’t get it financed. My credit score, debts, ect. have not changed for the worse since I was appoved for the construction loan. Does the bank who has the construction loan have to help me getting it financed as a mortgage?
My bank is the one who gave me the construction loan.

  1. Reply
    Steve D
    April 29, 2011 at 11:37 pm

    Have you checked with a mortgage broker? Called around to all the banks in your area? Called the national banks or used LendingTree?

  2. Reply
    ibu guru
    April 30, 2011 at 12:11 am

    What have you been doing to get a mortgage? You cannot sit on your butt and expect the company who gave you the construction loan to do diddly on your behalf. It is entirely up to you.

    Given the state of the mortgage lending market, you have Trouble with a capital-T. Get on this like hot fudge over a sundae and cover every possible base, starting with your bank. The construction loan lender is due their money, has been for many months, and you’ve been a slacker. Get this done, or pay off the construction loan yourself, or lose your new house.

  3. Reply
    Irv S
    April 30, 2011 at 12:33 am

    Don’t depend on that bank to try to find someone to take a
    profitable loan off their hands. it might be good customer service,
    but it’s simply bad business.
    You have equity, and a good payment history.
    Unless there;s something unattractive about the property or the
    loan you want that you’re not telling us, you should be a hot prospect.
    Shop around for yourself.
    You probably don’t even need a broker.
    If there’s more than one bank in town, talk to the competition.
    I wouldn’t be at all surprised if once they get word that you’re
    loan shopping, you suddenly get an offer from your own bank.
    Continue to shop for the best deal anyway.

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