Posted on: 24th Mar, 2010 12:51 pm
Hello,
WE have a house which is under an ARM interest only that we have lived in for 4 years and have 35 acres of land that has appraised at 4 times the amount we bought it for.
how do we get out of our house and get a construction loan to build a small house that is green efficient on our land??
Our credit is less than 600 and we will have no place to live if we just sell our house without a loan to construct on our land from bad credit.
What do you suggest??
'Our credit cards are paid off as well as our automobiles.
We have our own company since 1998 and have always obtained our loans from stated income.....what do we do now???
Sincereley worried Dad and Mom
WE have a house which is under an ARM interest only that we have lived in for 4 years and have 35 acres of land that has appraised at 4 times the amount we bought it for.
how do we get out of our house and get a construction loan to build a small house that is green efficient on our land??
Our credit is less than 600 and we will have no place to live if we just sell our house without a loan to construct on our land from bad credit.
What do you suggest??
'Our credit cards are paid off as well as our automobiles.
We have our own company since 1998 and have always obtained our loans from stated income.....what do we do now???
Sincereley worried Dad and Mom
Hi johnncindy,
It will be a little difficult for you to get a loan with a credit score of less than 600. Though a few lenders are said to be offering loans to borrowers with credit scores of around 580, a score of 620 would be ideal for you to get a loan at a good rate. What is the approximate monthly income? This will play a crucial part while you apply for a loan.
You have paid off your credit card debts and car loan. So, I think your debt to income ratio would be ok. Certain lenders in certain areas do offer stated income loans even in this market. However, they may require you to put down considerable amount of money for the loan.
There are lenders in this community. You can go for a no-obligation free mortgage consultation with them to see if they can help with a construction loan.
It will be a little difficult for you to get a loan with a credit score of less than 600. Though a few lenders are said to be offering loans to borrowers with credit scores of around 580, a score of 620 would be ideal for you to get a loan at a good rate. What is the approximate monthly income? This will play a crucial part while you apply for a loan.
You have paid off your credit card debts and car loan. So, I think your debt to income ratio would be ok. Certain lenders in certain areas do offer stated income loans even in this market. However, they may require you to put down considerable amount of money for the loan.
There are lenders in this community. You can go for a no-obligation free mortgage consultation with them to see if they can help with a construction loan.