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Subject Expert
I don't know of any JD Mortgage programs that allow construction loans.
I looked into the program while shopping for mortgages for my first home. Zero down. Interest rates about 1-2% higher than what I would have been offered with 10-20% down. Ultimately decided to go with a Eastman Credit Union which offered a similar product with a better interest rate.
Nothing I found allowed building or renovating your home.
Is it true you can’t use it for a 2 or 3-unit building that you’d live in one unit of?
I have one. Interest rate is slightly higher but we ran the numbers and no PMI and 0 down made it worth it. I haven’t seen them offered for construction but would be curious if you find out they are—I’m thinking about building in a few years.
I want to say up to like 900k but I’m not sure. Ours was only 400k so wasn’t a concern. This was when I was a first year associate though so income was relatively low.
God, 0% down seems like so much risk—and a high monthly… not sure how I feel about this kind of loan…
Enthusiast
I have VA loan and did very little down b/c my interest rate is 2.5% I’d much rather have the cash in the market