Need some mortgage help

[bdeboer]

I would search for a bank that specializes in rural properties. Farm Credit is who we went with in Ohio, it cost us around $200 to convert our original loan 10 years ago. They do not have offices in Texas, but specialize in Country Homes and Farms.

 

[dmccarty]

We had to have a Certificate of Occupancy aka a CO before we could move into the house. The county provides the inspections and the CO.

So you need to check the process in your area.

Also the bank may have issues with you moving in prior to completion.

Later,
Dan

 

[MarkV]

We had to have a Certificate of Occupancy aka a CO before we could move into the house. The county provides the inspections and the CO.

So you need to check the process in your area.

Also the bank may have issues with you moving in prior to completion.

Later,
Dan

Pretty much the same thing here. Without the Certificate of Occupancy from the Building Department the utility company could not connect power to the house. We could and did run off of the temporary power pole for a time. That would not have worked if we had not been in a very rural area. It is breaking the rules. We didn't build with a bank loan but I do work on projects that bank draws are dependent on. I would suspect they would look at you living in an uncompleted house as a liability to them.

MarkV

 

[2manyrocks]

We had a bank auditor that went nuts about one customer's loan because the customer was building his own home and was taking forever to complete the project. 2 or 3 years had gone by. He was living in the house, and it was a never ending project with a construction loan that was fully drawn. Not good.