This has been our experience also. We put down payment in Pennecamp in May and have 1 year to start construction. We too have to make $2500 payments every 2 months. It was my understanding that those payments could be deducted from the 20%, so if after 1 year, we have made 6 payments plus our original $2000 down, we will have paid $17,000. That could be deducted from the 20%, which if we purchase a home for $250,000, would be $50,000. Subtract the $17,000 from $50,000 and we have to pay $33,000 more down to start construction.
Also, I called Citizens First Discount Mortgage and got pre-qualified. I asked the representative there if we could pay the bond in monthly installments that would go into an escrow account and he told us that they did do that.
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Greg
A pessimist is an optimist with experience.
"In my many years I have come to a conclusion that one useless man is a shame, two is a law firm and three or more is a congress." - John Adams
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