I currently have a 604 credit score and working towards a 620. My debt to income is around 25% which I dont think would be a problem. I am wanting to
get a construction loan in January of 2010 and looking for a loan with the least amount of down payment possible. I have been looking online but not finding what I need. Any suggestions of lenders that would be willing to give me a loan considering my credit score and down payment situation? Any help would be GREAT! Thanks.
Construction lending right now will most likely require at least 10-20% down and your scores will probably need to be at least a 680. When lending guidelines got more conservative, construction lending was the first to increase with regard to down payment and credit score requirements. I would stringly advise you to simply consider just buying an existing SFR.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
Hi Cosmoang. Depending on the scope of the project and your history, you might want to consider an FHA loan with rehab financing. Also, try calling some local banks. Many local banks have interesting construction programs.
Robert Greenblatt
Keller Williams
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