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My score is 558 and I own my land and have 50% of building cost of construction loan. Can I get a mortgage for the rest?

Land is worth 60K I have 40K and house will cost 100k. by lcruss_352_645 from Freeport, Texas. Oct 21st 2012 Reply


Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

I doubt it via traditional sources but I would check with the sources Paul suggested. Good luck!

Oct 21st 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

i do construction loans and i need a 680 fico , with private money investors .. i do have hard money folk, that will loan you the funds please email me at yourloanpartnerforlife@live.com linda

Oct 21st 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

As you can see from others' responses, you are going to have problems with your scenario. Even if you get the construction financing I dont' know of any lender that will provide the permanent mortgage. Consider using some of your cash to improve your credit profile. A better scrore will make the eventual house payment much lower even if you end up borrowing more money. Good luck!

Oct 22nd 2012
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