Bad Credit Construction Loan with 50% down?

Asked by kelligory, Jonestown, TX Thu Apr 11, 2013

I've seen several Q&A's regarding bad credit financing, but none that fit what I'm looking to find out. So are there any lenders, or financing options for owner builder new construction loans if we have bad credit (600 score maybe a bit lower) if we will be putting down 50-60% of our own money towards the loan/build? We don't have any bankruptcy or foreclosures. Anyone in the lending or construction industry with experience on this subject, please advise.

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3
JOSEPH E JARUSINSKY JR’s answer
JOSEPH E JAR…, Agent, Austin, TX
Fri Apr 12, 2013
kelligory, If you would like to give me a call early next week anytime between 11 AM and 7 PM, we could talk to a little further and see if I may have a lender who can help finance you, or at least answer your questions a little more specifically. I'll do whatever I can to help…. Joe

Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Company, Ranked #1 by Buyers and Sellers (JD Power & Assoc. 2012) Call 512-261-4415
0 votes
Marco Bolado, , San Antonio, TX
Fri Apr 12, 2013
Your only option would be private money if you can find it. As was mentioned already your chances are better if you own the lot outright and increase more if its in a major metro area. If its rural then you'll have a hard time finding that type of financing.
0 votes
Allan Griego, Agent, Austin, TX
Thu Apr 11, 2013
Do you own the lot you want to build on? If you do, you may have a chance depending on several factors. If you don't own the lot you want to build on, your facing an up hill battle.

Thanks

Allan Griego
allan@agreservices.net
512.705.0610
0 votes
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