Regan, Home Buyer in Saint John, IN

my credit score is about 650,i want to buy a lot in weston ridge st.john 46373 and build my own home i have 17000 in cash,who can help me?

Asked by Regan, Saint John, IN Fri Oct 28, 2011

i can buy the lot and build it for 80 to 100 thosand less than the house apprises for(if i spelt that right) as i was a builder before,who could back me on this,thanks

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Fatimah Amara, Agent, Highland, IN
Mon Sep 22, 2014
if you're looking for a local agent to help you with your transaction, contact me and i can give you some helpful resources and guidance :)
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Tony Mitidie…, Agent, Orland Park, IL
Mon Jan 21, 2013

You are most likely looking for a construction loan. These loans are still available, but they are going to generally have slightly more stringent underwriting guidelines than a traditional conforming loan.

Most lenders I am aware of are not going to allow an 'owner-general.' In other words, they will really shy away from lending to the owner who will also be acting as the general contractor unless this is your primary business (single-family home construction) and you have two years of self-employed tax returns with income from this work sufficient to support the debt you are looking to incur.

My experience with folks from the construction business who are interested in building their own home has been the down payment required to do so has been too much for them to qualify. I'm relatively familiar with St. John and I'm assuming whatever it is you're looking to build will be more than $85,000 ($17,000 being 20% of $80,000 and the minimum I could see a lender writing a construction loan with today). If that is the case, you may be a great candidate to purchase an existing house that is in need of some work you can do along the way to build it into your perfect house. Often times houses that are in need of work may suffer in value because many don't want to, or have the time to, perform the repairs/upgrades. These can be great deals for someone like yourself.

I'd be happy to refer you to several local competent mortgage originators who could specifically at your situation and tell you what you can and cannot do. After a professional takes the time to carefully review your situation you will be much more comfortable looking at property and budgeting your future housing expenses.

I hope this was helpful. Feel free to call me.

Tony - 708-259-3734
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Christine Mc…, Agent, Valparaiso, IN
Tue Feb 14, 2012
I'm assuming you're looking for financing. Below is a link to Real Estate Resource. They work with several different lenders, they may be able to help you.

Good Luck,
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