A question about building loans or mortgages? - home building loans
I have a piece of rural land in Southern California (Tehachapi) and I want to build my house. The problem is that I currently live is homeless, and those with AIDS, and my credit score in the middle of the 600 is. I see all these ads on the net for mortgage at a historically low level, for example, U.S. $ 300,000 less than $ 999 per month. I will not spend more than $ 500 per month for a mortgage. I have a job that can pay me this sum.
The house I want a house looks like geodesic dome build, the kit costs about 30,000 U.S. dollars. The well, pump and tank is about $ 10,000 to $ 20,000. System of electricity start at $ 6,000 to $ 8,000.
I can imagine that the most of the building (even) with a few friends and professional help, and I think I can do it for about 100,000 U.S. dollars.
Is there someone to me if I'm realistic hope of a mortgage or a construction loan of $ 500 per month can say?
Monday, January 18, 2010
Home Building Loans A Question About Building Loans Or Mortgages?
1 comment:
If the land is valuable and can be used as collateral, you have a chance. If the land is cheap, you could probably qualify for funding, but the house was built in security. They may provide construction financing. The problem is that the lender will usually carried out the work by a licensed contractor. Good Luck
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