So Dawn went by the bank yesterday and spoke with the loan officer we missed on Monday. According to the notes, they only do 15-year land loans, which is fine since we are planning on breaking ground in about a year anyway. The bank requires 25% of the loan amount as a down payment, but we have that covered already.
The way it works is that whatever is left from the land loan will be rolled into the construction loan. The down payment for the land loan and any amount paid into it goes toward the down payment on the construction loan. Of course, the total amount will be greater than just the land loan itself, so will we have to pay PMI on the construction loan? No idea.
Dawn also found out that there was a catch. Of the 19.5-acres, only 10 of that can be financed into the construction loan. That implies that since that's about half of the total land amount then we have to pay about half of the land loan amount. Confused? I am too, a little.
We haven't applied for the loan yet since I was not available to go in, and Dawn still needs a paystub and all that fun stuff.
She also went by the health department and got an application for the perk test. The confusing part is that the perk test form also includes the permits for a number of things--building permit itself, the well, etc.
So in bold black letters the form states that a plat is required for the form to be considered complete. There are no ambiguities on the form. However, the person with whom Dawn spoke said you did not need a plat for a perk test.
So why not use a separate, less muddy form?
But as I mentioned in a previous post, we have to have the land surveyed before we can get a plat. I think the surveyor--who hasn't come back with a quote yet--is waiting to get permission from the owner. Shouldn't be a problem, it's just a matter of making contact with him at this point.
