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shannonmarieg · Joined: 27 Oct 2008 Posts: 2 2.24 Dollars($)

Hi there! I had a few questions I was hoping you could answer for me. My husband and I filed bankruptcy in 2003. We have since began to repair our credit but did have problems with one account since then. We have a few credit cards that we don't really owe anything on. We own our home and have lived here for almost 10 years so we have quite a bit of equity. We have been late on payments a few times but are current now and have been for quite some time. We own a 3 acre lot and would like to find a builder to build us a home. We would probably only put the loan in my husband's name since I stay home with our children at this time. He is the only income. He has worked for his company for about 11 years and has an income of about 75,000. His scores are 589 590 and 630. We have a pretty good savings and also a trust that was left when his parents passed away. Since we own the lot outright we would be looking for a loan of about $200,000 to $250,000 and then we would pay at least 1/2 off when we are able to move into the new home and sell our current home. My question is in your opinion will all of this be enough to allow usto be approved for a home construction loan? Thank you so much for your time.

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In this market, the chances of your home selling are slim. I suggest taking the 250K out of the home that you have paid off and rent that property out to help pay for the new loan. Pay cahs for the new house you want. Forget about a construction loan.

shannonmarieg · Joined: 27 Oct 2008 Posts: 2 2.24 Dollars($)

Thank you for your reply! We have had two offers on our home already... they have let us know they want to buy when we are ready to sell. It is in a desirable area...
That is something to think about though! Thanks!

smithsussane · Posted: Mon Oct 27, 2008 8:46 pm Post subject:

Hi shannonmarieg!

Welcome to the forums!

If you are getting prospective buyers you can go ahead and sell the house. I think your husband's credit score is quite good and getting a FHA loan won't be a problem. You can contact some of the FHA approved lenders and check the plans available with them.

Feel free to ask if you have further queries.

Sussane

brian1 · Posted: Tue Oct 28, 2008 9:12 am Post subject:

With those scores you will not qualify for a construction loan and FHA does not do construction -
You may with enough money down get a private investor to finance the build but it will not be cheap money - High rate with high fees.
Once built you can possibly qualify for an FHA loan - The lates after a BK will be tough to get past but it is possible
not as easy as some on here seem to think???

Good Luck
Brian

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