Construction Loan

57 · Joined: 30 Apr 2008 Posts: 3 1.97 Dollars($)

I own a quarter acre lot that is worth 85k. I want to build a house on it to sell. I can build the home for 125k and it would be worth 250k at a minimum. Is it possible to get a loan for the whole 125k? or would I need to use some of my own cash? I own the lot free and clear

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi,

Are willing to obtain a Construction loan? I think you can get it but your credit report will definitely effect the rates and terms of the loan. So can you please tell us some thing about your credit and employment history?

Best of luck,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 887 132.55 Dollars($)

Hello.

Have you shop around for lenders? You can get the loan if you have good credit and income source. Construction loans short term loans which last for 6 months to a year. So after building the house you can pay the loan off.

If you haven't shop around for lenders then go for it and I feel you can even request for no-obligation free mortgage quote from community lenders here. Just need to give minimum details so that lenders can verify your situation and see if you qualify for it.

Feel free to ask if you have any more quires.

gmakerley · Posted: Sat May 03, 2008 7:15 am Post subject:

construction loans still exist, yes.

you ought to be able to borrow the full amount that you need to construct your home, and possibly more to cover cost overruns and a variety of other needs in your construction project.

shop around (i can't help - our loan product has been discontinued) and i'm sure you will find several lenders willing to assist you.

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