Has anyone used buildmax to build a home? I decided to apply for a construction loan thru buildmax, which is an owner builder consulting firm. My middle score is 653 and their lender has approved me for a construction to perm loan at 8 7/8%. But, the perm part is showing an ARM. I'm going back to the loan officer on Monday with questions because I really want a fixed perm loan. My loan request is for $230K but with 10% reserves and closing costs + buildmax's fee of 3%, the loan amount approved was $270K. Of course, I'm hoping to build for a lot less but does the construction loan rate seem reasonable? And, with a score of 653, am I out of my mind to think I can get a fixed perm loan? As you can see, I just don't know a lot about these loans so I'm trying to make sure I don't make a stupid move, especially if I can do better some place else. Thanks!
That rate is too high. What state are you in? I know in the states that I lend in my construction to perm is well below 7% on a fixed. Adepoending ont he situation I can go to 6.125 so I do not like what you are being offered. Check some more brokers and shop shop shop for sure.
