Qualifying for a new home construction loan

The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You will want to work with someone locally. My advice is to work with a local Mortgage Banker/Broker familiar with the area you intend to build in. By using a local Mortgage Banker/Broker, rather than one of the big banks or national mortgage factories, you work with someone who is Trained, Tested and Licensed in all aspects of Mortgage Origination. More importantly, they have access to many lender sources and can help guide you into the lender and program that makes the most 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 ~ 888-889-9950

please contact me ... i do construction loans, go to www.yourloanpartnerforlife.com you might have to copy and paste in your browser, it depends on your server my email is yourloanpartnerforlife@live.com linda there are a lot of factors that go into this type of loan, and that is why there are very few of us left that know how to do the construction loans... I have 25 yrs in the mortgage industry.

Gorden, I work for a communtiy bank out of Eastern MN. We have 1-time close and 2-time close construction loans available. The 1-time close loan will save you on closing costs over many of the 2-time close products. There are a lot of options when it comes to construction loans so make sure you compare closing costs. Based on the information you have posted here it would appear you can qualify but would require more analysis before something firm can be given. You can contact me at 612-964-1371 and I would be more than happy to help you navigate the market.Brandon

I lend in Wisconsin as well as Illinois and various other states. Your question is really all about what your debt-to-income ratios are. There are many factors involved, such as looking at your self-employment income. You should find a mortgage broker who routinely looks at tax returns and truly understands them. If your debt-to-income ratios are too high to accommodate the construction of a new home and also afford the new home, then you may need to think about refinancing your existing property into a longer term loan to get the ratios down. I think there is not enough information given here to really know how to advise any further.

LBennett had the best answer.Give Brandon or Barbra a call, sounds like they know what they're talking about and can help you. Construction loans are a lot of work, and can be tricky to get. Good luck to you.Matt Elston; Mortgage Loan Originator, AgSouth Mortgages; melston@agsouthfc.com;office 803-324-1131, option 1