I have a small residential lot in Montford. The weak economy is slowing down financing options. My goal was to build a small home soon so I could take advantage of low 30 year mortgage rates once completed, but I don’t have the resources to immediately borrow 200,000 or more for construction cost. Are there any creative financing options to do this? Or construction companies that might either finance or take payment FROM ultimate 30 year mortgage closing? Or other options?
P.M. ~ Montford, Maryland


Banks are not lending, and it doesn’t seem to be getting any better!
Talk to your bank right now about financing options if you have a good relationship with them. Are there any assets right now you can sell to get a solid down payment to help you out with getting a higher loan amount? I know there are some hidden grants out there for this kind of thing, get friendly with a lender is my suggestion.