Real Estate Investing Forums

Real Estate Investing => Financing, Hard Money Lenders, Private Money => Topic started by: Newbieinvestor on May 25, 2006, 07:11:20 am

Title: construction loans
Post by: Newbieinvestor on May 25, 2006, 07:11:20 am
Can a person with 577 middle score get a construction loan? can a person with 625 middle score get a construction loan? this is for the state of missouri.


Thanks in advance for your answers.
Title: Re:construction loans
Post by: MoneyLenderP on May 25, 2006, 08:55:13 am
I do alot of construction loans. I think with those credit scores it would be very hard. It all depends on how much money you have to put down?

What kind of capital are you working with?
Title: Re:construction loans
Post by: Newbieinvestor on May 25, 2006, 09:16:09 am
No money to put down.
Title: Re:construction loans
Post by: rbaxter on May 25, 2006, 09:19:38 am
If anyone does have a construction lender who will do a construction loan with a fico under 620, please post here.

Thanks
Title: Re:construction loans
Post by: christopher w on May 25, 2006, 09:24:07 am
www.constructionloanfallout.com

The only way they will do it with no money down is if the lot is owned free and clear or if the lienholder on the lot will subordinate to the construction loan lender. The customer will also have to pay all of their own closing costs. Rates are not bad though.

Patrick,

I too do a ton of construction loans. Can you suggest anyone other than the big names (first horizon, natl. city, M&T, etc...) and local banks? I always like to find new and good lenders.
Title: Re:construction loans
Post by: rbaxter on May 25, 2006, 09:27:03 am
I think they are all very simiilar when you are talking 640+ fico.  I have used Indymac too.