Well it had to happen, construction loan appraisals are getting a second review. Building a home is the true American way to own a new home. Families have always dreamed of building their own home and building a new home will always be the American dream. Building a new home is the safest home loan project request available because of the land equity that is brought to the closing table. The lending industry seems to be taking out the sub prime problems on the mortgage industry as a whole. Lenders are now requiring appraisal reviews on construction loan projects due to the lower appraised home values in key areas throughout California. Even with land free and clear and excellent credit scores customers are finding the loan process a little more difficult which if not corrected may have a major economic down turn for the worse.

Tags: construction loans, new home construction loan,

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This entry was posted on Wednesday, June 13th, 2007 at 1:26 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.