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| *Loan,banking and credit>>>debt loan |
I have complete credit card debt and me and my fiancee will be applying for a construction loan what are our? |
chances? we have credit scores around 590 yes both of us...his due to a past problem he doesnt have any debt...me i have alot of debt my income to debt ratio is high i have great payment history but apparently that doesnt matter...will we be able to build our home. combined we make about 80,000 With a credit score of 590, you are probably not going to get anything better than a subprime loan. Your income level should help, but you will want to think about ways to reduce or eliminate your debt ratio (debt to income). A couple of questions. How much are you seeking to borrow. What are you looking to build? What is the median price for similar SFR in your area (I assume you are looking to build a house). Do you have other collateral? What is your property worth. Based on what info you have provided, I would estimate your chances of getting a decent rate 10%. A moderately painful rate at which the payment structure is a significant consideration on weather you decide to pursue the project at all...80%. Getting a deal package that will most likely require to to refinance/get a second/pay through the nose...100% Well it all depends. Me and my wife had alot of debt when we got out first mortage , but it did not effect us one bit since we had good income and good credit score. 590 is vey touch and go. You probably wont get good rates at all, but will most likely find someone to approve you out there. -80% chance You might have difficulty. Construction financing is risky as it is, more so with weaker credit. But, in many cases, as long as you have a solid end-loan approval, there are some companies that will do it. A few larger, national companies that specialize in construction-permanent financing are First Horizon and National City. Along with dozens of others and perhaps some local banks as well. I'd try those two, since they do a lot of construction financing and should know pretty readily if it can be done. 10 years in mortgage banking may be. But Foreclosure is one option. Investigate, study the market: http://www.foreclosureinfousa.net... |
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