Hey, I live in fallbrook and have some property (zoned properly) that I thought sec 8 might help me build on.?
Answer:
Section 8 does not assist in the building of houses. They are an agency that assist with the rent of low income families, to reside in house or apartments.
Do you own the property out right and is it paid for or are you still paying for it. It makes a great deal of difference when applying for a loan.
If you have a property you want to build on I suggest you find out from the city or county as what the zoning is. I would then get someone to draw plans for the proposed place. After that find a construction firm that will give you an idea of what it would cost ot build what you have drawn,estimated time of completion.
Once you have done this and if you own the property out right find yourself a mortgage broker that has access to construction lenders. After finding a mortgage broker then apply for a construction loan.
Some lenders will do a construction loan and at the same time make a permanent loan. All this mean is that you only have to make one application and after the construction is done, the various approvals have been made by the city and a certificate of occupancy has been issued you will start making your monthly payments about 30-45 days later.
I hope this has been of some use to you, good luck.
"FIGHT ON"
i would start with san diego county building dept .
cheers .....
Pls say more clearly, grammaticaly means the easiest way for everyone to understand, then I can help you. It is the the 1st step you must be sincere.
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