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Reply to "Construction loan financing question - amount of down payment required"
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[quote=Anonymous]I understand you need 25% down payment for a construction loan, but that equity in the property can count as part of the down payment. How much down payment would I need for the following example - just using round numbers: I already own a $600,000 piece of property with a $480,000 loan. Building costs associated with the new property totals 400,000. Assume the house will appraise for $1.3 after the construction. So, would I get a construction loan for $400,000? Or would I roll the whole thing 1 million ($600,000 plus $400,000) into a construction loan. How do you calculate the down payment required? I am totally confused! TIA [/quote]
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