I am looking at having a, home built. Land $200,000 and home $320,000 
  Total $520.00 
 I would like to have the closing costs rolled in, can this be down on
a cp loan, in Florida.

I am hearing that some builders say it will take about 12-25 months to build. 
 I understand that there is a 12 month period where no payments have
to be made during the c
onstruction.  Many home builders in Florida are giving much longer
building times, because of this are we allowed to extend the no
payments building phase?
   Someone also was telling me about projected equity, how does this
work in a market like Florida.

  I need some direct answers

1.	Closing costs rolled in to cp loan.
2.	Explain no payments during building phase (12 months) or can this
be extended to match the builder?s construction time.
3.	Projected equity in a cp loan, as in a market like Florida, if the
normal equity has been 20% a year and it took 12 months to build then
the loan would only have to be for 80% Ltv and then it will convert to
a perm loan after the home is completed?

Hi,

I work for Secured Funding (securedfunding.com) as a loan officer. We
do not do construction loans but I hear IndyMac and possibly Downey
does. Closing costs on purchases I know come out of pocket its only
when you refinance they are rolled into the loan. I also know that
construction loans adjust so when the house is built you want to
refinance into a fixed(30 year preferably). Thought id just throw that
in there and if you ever have a referal send them my way!

HELOC
Purchases
Refinances
125%
3 yr fixed 125%
i/o

the list goes on

ryan

rkolodge@securedfunding.com

I was looking for real answers. not  a pulg for yourself. this is not
respectable. People come to get away from the BS and people who are
just trying to sell them. Your comment answered NONE of my questions.
Thsi si whats wrong with  the mortgage industry. There is a fog. It's
not like when you walk into a retail store, you see the prices on the
shelf and you get rebates and you know how much things cost. Mortgage
brokers and loan officers exist to make money by selling what profits
themselves. I ask an LO if they were recieving IBC- indirect brokers
compensation on a loan, and he replied, whats that?  Whos stupid the
consumer or the middle man trying to play dumb quoting a rate to lure
you in and then forcing an application and then pulling your credit
several times to push the process along with the buyer knowing the
true rates and and then brokers is collecting points in the front and
back. This information is not disclosed until the closing table and
the brokers hope by then it will be too late for the buyer to back out
after a contract and they have floated the rate and added points to
the senario and then blame market conditions. There are lot of tricks.
This NOT how a consumer is supossed to shop.
 Where else is there an industry where you never truly know the price
of what your paying until the day you close.
 I came here for direct answers. NOt BS do not plug your sales. 
    If anyone else has had an experience like the one i wrote about
write it here. If anyone else has a comment about that i wrote here
write it.
   as for Ryan, go plug your cra*p somewhere else. and the list goes on. 
    read between the lines, the ring finger and the pointer.