This morning, I found out that the bank, Security Federal Bank, does have a period of 12 months stability, waiting period time frame for they will loan on a newly purchased home. They also will know loan on 70% of the after repair value. They will only loan on the initial cost plus renovation cost. Jarred suggested that what might be better is to get a loan before purchasing the home where you include the contractors information, the plans for construction, and they will loan on the initial cost plus the cost of construction. They will make progress payments to the contractor as work is done.
