You recently bought a lot to build your dream house on and your plans are ready. Now it is time to start applying for a construction loan. The Bank Manager was very cooperative, both of you filled out the necessary papers to get things rolling. The Bank Manager said it would take several weeks for them to look at the plans and make up their mind if they will loan you the money for the Construction loan.
Building your own home is a lot smarter than buying a house that is in a Home Owners Association that is already built. The smart thing about building your own home is that you do not end up settling. You actually get everything you want in a home. If you buy a used home, the house has already been lived in. This is why people like to build their own home that has everything that you want and need. The positive side is, it is brand new and made just for you.
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Credit is important when seeking a construction loan to build your own dream house. Bad credit can be a real disaster when seek financing. Banks and Mortgages Companies won't trust you like they do their good customers. This can really put a damper on your plans. Because of this, you probably think that you will never be able to qualify for a construction loan. That's actually not true. In fact, there banks that will provide bad credit financing for your home under special programs. The odds are you will pay a premium for the loan with possible restrictions, but the financing is possible. I did a search on Google, guess what, there were five firms that are willing to finance your new home financing. Your dream could come true and you will not to settle for that small apartment. You can build your own house for your family instead!
This type of financing can get complicated. They are not as simple as a regular mortgage. There are inspections on the as-builds that will be required by the banks or mortgage company. I remember when we built our first house. It took a month to get approval. Then we started by subcontracting out parts of the job. When we got to 50%, they would inspect and OK the release of additional funds. Then 80% and then 100%. It depends upon the lender. It is a great feeling to build what you want. Go for it if you feel comfortable.
In conclusion, getting a construction loan with a poor credit score is possible with the right lender. When the project is complete, there will be great satisfaction in what you have accomplished knowing that you built this house. Financing is a little more complicated than a regular mortgage and will require periodic inspections by the lender. If you feel comfortable building your own house, go for it.
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