Ky Derby, Other/Just Looking in Lexington, KY

Looking for a construction loan between 6-700, credit score is bad 575-607 . My co borrower has 720 and up on hers . Our income is 230,000 a yr

Asked by Ky Derby, Lexington, KY Wed Mar 13, 2013

We have no debt except car payments. Have no bankruptcy , no foreclosures nothing bad like that.have taken care of prior debt score just slow to cards have zero balance. Would lenders take a chance with me. Been paying everything on time the last few years.

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Kim Weddingt…, Agent, Lexington, KY
Thu Mar 14, 2013
You may be surprised of your options, various factors will determine your eligibility including your sizable income and how much money you have saved for a down payment. Many lenders will look closely at the circumstances that determine your debt score. The fact that you do not have a bankruptcy, or foreclosure, and that you have been paying debts on time for past few years, will work in your favor. What have you got to lose? You should definitely give some lender's a call and see what your options are. I would be more than happy to make recommendations and provide you with additional info. if you wish. Call, text, or email me anytime. 859-558-7776 Kim Smith, Keller Williams Bluegrass Realty
BTW....I live in a Jimmy Nash home and LOVE it!
1 vote
Stacy Heilig, Agent, Lexington, KY
Tue Aug 20, 2013
I am an agent here in Lexington with Keller Williams, but I did loans for 9 years prior to this. If you want to call me, I will get all the details and shop the jumbo lenders for you and worst case scenario I can get a copy of your credit report and help you clean it up. Stacy Heilig 859-494-1558
0 votes
GREG BLEYL, Mortgage Broker Or Lender, Fernandina Beach, FL
Tue Aug 20, 2013
Would your Co Borrower consider applying soley? Our guidelines allow a 50% front and back debt ratio for our construction to perm one time close mortgages.

Greg Bleyl
NMLS 117969
0 votes
Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Tue Jul 23, 2013
Based on the information provided, I don't believe you can get that loan request done. The lenders will take the lowest score of the borrowers, and most lenders now days will want a 640 score.

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
0 votes
Laura Ratliff, Agent, Lexington, KY
Wed Mar 13, 2013
I suggest you call John Reynolds at Traditional Bank. It largely depends too on who will be building your home and where you will be building your home. I recommend Jimmy Nash Homes.
0 votes
C. Doug Blac…, Agent, Lexington, KY
Wed Mar 13, 2013
I suggest that you check with a Loan Officer who can tell you if you qualify for a construction loan.
My Company Re/Max Creative Realty, 2808 Palumbo Drive suite 100. We have a Loan Company in the building Stockton Mortgage Corporation and I'm sure Terri Tackett, can help you out.
I hope this has answered your question, and if I can help you with other Real Estate needs please
contact me.

0 votes
Hill Parker, Agent, Lexington, KY
Wed Mar 13, 2013
You probably have the best shot of getting a loan at one of the local banks, ie Central Bank or Republic Bank, where you can sit down and tell the loan officer what went wrong and what you have done to correct the problem. You may want to consider doing the loan in just your co-borrower's name. If you keep making all of your credit payments on time, by the time you finish the house you may be able to get the permanent financing in both names.
0 votes
Stacy Heilig, Agent, Lexington, KY
Wed Mar 13, 2013
Probably not since CTP loans are riskier than a normal loan and that isnt just a normal loan that is a large jumbo loan. Try a small bank but my advise is use the coborrower as the only borrower and just that income and see how much you can get approved for. Text or call me at 859-494-1558 and I will get u in touch w a lender if that doesn't get you a large enough house then we can work in credit repair. I was a lender for 9 years so I will help you as much as you allow. Stacy. 859-494-1558
0 votes
Kim Gipson, Agent, Berea, KY
Wed Mar 13, 2013
Email me and I will send you info. I've had a construction loan in the past.
0 votes
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