getting financed and need help

[creamofthecrop]

so me and the ol lady put an offer on some land that we want. great deal and 1 acre lot. water connection fee paid for and basically ready to build. i am building the house myself, but the thing i dont understand is they only give 80% of the asking price on the property not the appraisal, because the asking price is much lower, and they go off whatever is lower. now i can buy the property but i dont have 20% to put down on a $250,000 dollar home, thats right only 80% of what they think the house will cost to build.. i thought i was doing great having over $15,000 saved to put down, but all that will buy is the property. i have excellent credit, my debt to income ratio is low, and a guy that works for me makes a lot less than me, his wife makes a lot less than my fiance, they have three kids they were illegal immigrants, he asked the other day for $500 to get his truck fixed, and they got approved for a $219,000 home with no money down. wtf? does anyone know of any places that will finance more? also i got approved for more than what we plan on spending but they just said on a new home they only give 80%.

 

[bobcatbess]

WELL CREAMPUFF!!!

IT PROBABLY AIN'T FAIR BUT IT HAPPENS!!!

15,000.00 THESE DAYS IS ONLY A DOWN PAYMENT ON A NEW PICKUP!!!

REMEMBER!!!

BANKS PROTECT THEIRSELVES!!!

THIS IS MY NEW GUN,YOU MAY NOT LIKE IT,YOU'LL LIKE IT A HELL OF A LOT LESS WHEN IT HITS ITS DESTINATION!!!

THE ONLY bobcat THAT KNOWS ALOT OF YOU HAVE HAD THIS IMAGE IN YOUR PEA BRAIN BUT DUE TO POOR SHOOTING TACTICS I'M STILL KICKIN!!!

 

[Hardway]

Talk to mortgageman, if you buy the property you should be able to borrow agains it to build your home. Lots of different construction loans out there. You could also build yourself a steel shop first, and after permits and inspections build an apartment inside. Lots of guys do that around here. Gives you a place to live while your building your house and also could become a rental when you get done.

 

[creamofthecrop]

any help mortgageman?

 

[runamuk]

LAST EDITED ON Feb-14-08 AT 07:29PM (MST)[p]i don't know where your from but in Idaho, if you go to the department of agriculture you can get a loan called a rural development home loan on 1 acre or more..
if you have decent credit,, (or can't speak English..)
its a pretty sweet deal they will loan you 100% of the value of the home and land,, with low interest and low monthly payments..
but you better hurry cuz they are limited,,

 

[MortgageMan]

It's kind of tricky to get financing on raw land. I do have some lenders that will loan 100% of the value or price of the land though. What I do for people in your situation is do a construction loan. I can put it together so that you can finance 100% of the costs to build the home and the price of the land too. Virtually zero money out of pocket to build your house on this lot. Shoot me a pm or give me call. My website and contact info is under my profile.

Building on a lot is alot different than just buying an existing home and that's why your buddy got approved so easily. There's a little more involved in what your doing. We specialize in construction loans and land loans. If your interested let me know and at least I can give you some advice and show you your options.

Bud

 

[MortgageMan]

PM sent as well!!

 

[MortgageMan]

Creamofthecrop - You out there?? (bump)

 

[VELVETRUSH]

Cream they probably will not give you the loan for the land because they do not want your WHITE TRASH in the neighborhood. Who really wants to see some redneck cruise'n up their street?

 

[creamofthecrop]

mortgage thanks for all your help i sent you a pm a while ago but i guess it didnt work, i just ended up getting it. i am real excited, but like velvet said the neighbors probably wont be. its an awesome area, only 118 miles from lake powell, and about 11 miles to sand hollow, now i just need to buy the $72,000 dollar chapparal boat i seen last night at the boat show.

 

[CAelknuts]

If your loan hasn't funded and recorded, don't even think about buying a $7,200.00 boat, let alone a $72,000.00 boat. I've had clients lose their loans due to making large purchases after their loan was approved and signed, but before it was funded. Lenders will pull your credit prior to funding in some cases, and if you've taken on a large debt that wasn't previously disclosed, it can throw your Debts to Income Ratios above acceptable limits.

With the new tightening of credit guidelines that all lenders are now experiencing again, this will be a biggie if your loan isn't already funded and recorded.