Financing in Little Haiti>Question Details

carewm, Home Buyer in Kimberly, WI

My credit scores are 602, 648 and 667. I am looking at building a house with 20% down and my debt to income ratios are good. What are my options?

Asked by carewm, Kimberly, WI Sun Nov 3, 2013

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nlms #328117

Doing your due diligence and getting answers to these questions will help you weed out brokers and save you time.

Are you a direct lender or a broker?
Are you lending your own money or investors'?
What types of properties do you fund most?
Where are most of your loans made?
Can I use my own Title Company and escrow?
What do you typically charge (closing costs and interest)?
Can you give me an example of a deal that best represents your niche?
To what extent does an exit strategy play a part in your approval decision?
How long does it take you to prepare documents and to fund my deal?
Can you go off of a Broker Price Opinion for value?

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0 votes Thank Flag Link Thu Dec 12, 2013
Not sure why you are considering building a house...did you already purchase the land? is the land paid in full? Your middle score is 648 which qualifies you for an FHA or conventional loan with a 20% down-payment to buy an existing property, other than the fact that you already own the land free and clear I believe there are better options.
0 votes Thank Flag Link Mon Nov 4, 2013
A 648 score is not stellar but we can work with. It depends on how "good" your income ratios are. It also depends on the loan amount, real estate taxes, insurance, home owners association monthly fee and what else is in your credit report. The answers to those items will determine which program is the most suitable. With 20% down the most logical would be a conventional loan. Call me to discuss further.

Jose Morales
561-432-9237
info@floridamortgagecoach.com
0 votes Thank Flag Link Mon Nov 4, 2013
You need to contact a local lender. I have two lenders that can assist you on the South Florida area. Do you already have numbers for the construction?
Marco Torres
Miami Premier Realty
305-903-3123
0 votes Thank Flag Link Mon Nov 4, 2013
I would ask you to come to my office,cause this situation needs some
Explaining in detail,305 300 8540
Regards
Tony
0 votes Thank Flag Link Sun Nov 3, 2013
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