QWe Are Interested In Buying A Home In The "shell" Stage. The Framing And Roof Are Complete, But The Rest Of The Construction Isn't Finished, And The Property Has Been On The Market For A Few Years. Is There A Special Loan For This Type Of Purchase, Or Is It Possible To Obtain A Loan For The Existing Property Plus Money To Finish The Construction?
ABecause most mortgage bankers do not deal with construction financing, you may want to go to a commercial bank to apply for a bridge loan or "construction to permanent" loan. Essentially, you're getting two loans from the same lender. The first one covers the construction, and the second is the regular mortgage loan. These loans differ in terms and interest rates, so shop around for the best deal.