Posted on: 29th Jun, 2010 01:28 am
what r the qualifications for this kind of loan and which type of loan is best in this situation?
Hi hartjarrett,
In order to qualify for a construction loan, you should have a stable income and excellent credit scores. To qualify for a conventional loan, you should have a credit score of 700-720 whereas to get a FHA loan, you should have a score of 620. Apart from this, the lender will check your debt to income ratio before approving the mortgage for you.
If you want a construction loan, then you should contact the local lenders and apply for a loan. The lender will let you know what type of rates and terms you would receive. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you an idea as to what type of rates and terms you may receive once you apply for a loan.
Take care.
In order to qualify for a construction loan, you should have a stable income and excellent credit scores. To qualify for a conventional loan, you should have a credit score of 700-720 whereas to get a FHA loan, you should have a score of 620. Apart from this, the lender will check your debt to income ratio before approving the mortgage for you.
If you want a construction loan, then you should contact the local lenders and apply for a loan. The lender will let you know what type of rates and terms you would receive. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you an idea as to what type of rates and terms you may receive once you apply for a loan.
Take care.
What kind of work is being done to this home? Are you building it from scratch or repairing the current home?
