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laurencella · Joined: 19 Jul 2009 Posts: 1 1.55 Dollars($)

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??

jenkin7 · Posted: Mon Jul 20, 2009 12:07 am Post subject:

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.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi, 700 fico score is pretty good but 25% down does seem a little high.

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Construction loan with high 700 credit.....WHERE???