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