Construction Loan?

I have a spectacular program for this that would work wonderfully for you. The only caveat is that the house must be a modular home. (which a large percentage of new construction is these days) There is only one settlement and no payments until the house is completed. (interest still accrues, however) I'm happy to help with the financing or just give you advice. So if you need more information, or a competing rate quote you can go to my web page, call or email. and use my live support button to discuss or get advice on anything at all with me. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

I am not aware of any construction loan programs that would work for less than a 660 middle FICO score--and only putting 10% down would also be difficult--most construction loan scenarios require a minimum of 20%. The only option that may be possible that I can think of:1. Would the builder build the home as a spec home with your specifications and assume the risk until you were within 90 days of closing. At that time you could apply, get approved, and lock a rate for a standard purchase loan (Conventional loan). The home would have to be completed and a occupancy permit issued prior to closing, but this would work and you could choose pretty much any Indiana licensed lender.I am licensed in Wisconsin, Minnesota, Michigan, if you happen to be looking to build in one of those states. I am responding just in an effort to be helpful.

Construction-permanent mortgages are considered somewhat more risky and usually the underwriting criteria is more stringent. Even if you can get the loan, the rate will be much higher due to your relatively low score. My recommendation is to see if there are any quick steps you coudl take to improve your score - like paying down the balance on credit cards and/or paying off any recent collections (less than 1 year). I have a blog on this site ("First Steps") that has some recommendations that might be helpful. Good luck (former Housier here, Elkhart for 7-8 years).

- Or pursue Rob Hanson's option above.

You may have an option at 660, but that is a little low for construction financing, especially if you are trying to make a minimal down payment. My feeling is that you may run into issues, but I can't speak for everyone's programs out there....