Would we qualify for a new construction loan?
My husband and I have a combined annual income of $148,000. My credit score is 657 and his is 678. We are interested in building a house on our land that will cost about $225,000. We have $20,000 to put down and our debt to income ratio without the mortgage is 18%. Do these numbers look like we would be approved for a mortgage? by laurie_611_369 from Arnaudville, Louisiana. Jan 28th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Much more info would be needed to properly answer your question, however, based on the information you provided, there is a loan product available for you.. Best advice I can give you is to contact a local mortgage broker, not a bank, and apply with them.. they can look at your complete profile, and find the right loan product for your particular scenario.. WilliamAcres.com
The answer will depend on a little more information. What is the land worth? How much do you owe on it? How long have you owned it? If owned less than a year, what did you pay for it? The answers to these questions will determine the loan to value. The other factors should be OK.You can call my office with any additional questions. 225 300 8895. Or email gcook@primeres.com or garth@garthcook.com.
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
More info would be needed to know for sure but sounds like you might qualify. All the best!
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
Looks like you could qualify, but there is not enough of the puzzle to see the full picture and advise accordingly. As how much is the land worth and is it free and clear. Upfront looks like you would possibly have to come up with more of a down payment, unless the land puts you at an acceptable LTV approx 80% ltv.
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