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 gmakerley |
hi shannonmarie...i think i may not be bearing good news on the possibility of construction loans. they are very difficult to obtain in general - very few lenders offer them these days, due to much of what has happened in the real estate and mortgage markets.for your specific circumstance, another part that makes things difficult is your husband's credit scores. scores below 600 are not viewed favorably, and the standard is to use the middle score (590 in this case). also, late payments that occur after a bankruptcy are not viewed favorably - i hope that whatever took place is something that can be explained with a very strong, well-worded letter; there ought to be extenuating circumstances surrounding the late payments.you've got some favorable things (job history, income and ownership of the lot free and clear of liens). if i had a recommendation to make, i think i would suggest you run this scenario by a local bank - not one of the big banks. if you have a community-based bank, they'd be more likely to go out of their way to help in this sort of circumstance. | |||
