Posted on: 08th Jul, 2010 08:32 pm
i want to build a home for start to finish. i am looking for a loan that best satisfy my situation. i have a credit score of 665, 666, and 571. i make my money overseas but i do have contracts to prove my income. the only thing i have on my credit is a secured credit card which i got through my bank and the limit is 300$. i have a 3 year deal in which i get paid over 7 months each year... 1st year 100k, 2nd year 115k and 3rd year 130k. i have never paid taxes so i have now2 forms but i do have my money wired thru my accounts. i want 120k loan to build a house... what kind of loan do u think i would qualify for?
You should look into hard/private money loans, as your situation (foreign income not reported on tax returns, minimal credit history, so-so credit) isn't one that a mortgage lender would be willing to lend on - particularly for a construction loan. Hard/private money is expensive, and requires a significant down payment, but it'll be the path of least resistance.