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 laurencella
Joined: 19 Jul 2009
Posts: 1
1.55 Dollars($)
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 Posted: Sun Jul 19, 2009 8:41 pm Post subject: Construction loan with high 700 credit.....WHERE??? |
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| I live in Louisiana and have signed an agreement for acreage and now can't get a construction loan to cover the land and the home without 25% down. Any ideas for a company to help me out? I have credit in high 700....Help me?? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Mon Jul 20, 2009 12:07 am Post subject: |
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Hi laurencella,
With a 700+ credit score, you should be able to get a construction loan. A 25% down payment is a bit too high. Did you ask the lenders why they need you to put down such a big amount of down payment? Do they not consider you creditworthy?
You may go for a no-obligation free mortgage consultation with the lenders in this community. They will asses your financial situation, your credit scores etc. and will let you know if you can get a loan without having to put down 25%. They should also be able to suggest you the right type of loan program that will meet your requirements. |
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Garysnober
Joined: 17 Mar 2009
Posts: 455
15.40 Dollars($)
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| Posted: Mon Jul 20, 2009 6:54 pm Post subject: |
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| Hi, 700 fico score is pretty good but 25% down does seem a little high. |
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