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building a new home

My husband and I are wanting to start building our home this april and were wondering if we should be worried about credit requirements. We have not been preapproved yet but our credit scores are just below 700 and we have just paid all of our debt off and hope it will raise our credit just above 700. Is that score good enough to get the lowest rates and do we qualify for an fha loan? We are are located in lincoln ,nebraska. by husker_810_251 from Lincoln, Nebraska. Feb 22nd 2012 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,960 contributions

Are your scores good enough for a construction loan? Yes. Do you qualify? Not enough information. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you into the proper program with the right bank. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Feb 22nd 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

There is much more info required to say for sure if your approved, but if your credit scores are 700+ then you definitely meet the minimum credit score required by most lenders (640 in most cases). If your scores are over 720, then there would be a slightly better improvement available to 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 help you deal with any issues prior to your application being submitted to a lender.. WilliamAcres.com

Feb 22nd 2012
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Maximum Leverage (CommercialFundingNow)
#32 ranked lender in Illinois - 10 contributions

Are you kidding? With the glut of existing homes on the market, you would be foolish to "build new"! In my area, homes that COST $250.00 a sq. ft. are going for $20-$30 now! Think about it???

Feb 22nd 2012
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