What are our chances of getting a loan to buy and build on the land with recent bankruptcy and low credit?
My husband and I want to buy the land and the home from the landlord that we currently rent from. He is
asking 160k for 10.2 acres with the house. We filed bankruptcy last year and are just starting to get our credit going again. What are our chances of getting a loan to purchase this? We are also wanting to build a new house on the land once we purchase. So what are our chances of getting a loan for building the house as well.
If you have a large down payment I have some hard money construction loan lenders that will probably be able to work with you. You get the loan to buy land and do the construction and then roll it into one loan when it's done.
Let me know if you like to talk more about this.
David Cruickshank
Ardain Mortgage Corp
847-354-5455
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