If I was making 50k a year, had no debt, owned a plot of land, had never bought a home before and wanted to have a home built, how hard would it be to get a construction loan to have it built? if so, what exactly would i be able to afford?
- AcheliosLv 79 years agoFavorite Answer
You would need to talk with a bank that offers construction loans & ask them about what is required to get the loan as well as what kind of payments you can expect.... this is the only way you are going to know what you need to do to qualify & also if you could afford it
You don't say how long you have had your job
Or how long you have been at that earning level
or what your credit score is
or how much of a loan you are looking to get
or what your current cost of living is & what it will be during the duration of building that home (you have to live somewhere until it is built)
- backesLv 44 years ago
in case you have not signed a lien waiver you are able to report a Mechanics Lien against the valuables. you in basic terms might desire to locate the main marvelous sort on your state and circulate to the County Recorders place of work (of the county that the valuables is placed in) and pay a recording fee. I stay in MN and that is $40 six to checklist a checklist and that i comprehend in WI that is $11 for the 1st website and $a million for each website after. The contractor will might desire to pay the lien off formerly advertising the valuables. No lender will finance a house with a lien on it. If it does not sell for over a million 365 days you will might desire to report an extension on it although. a minimum of that's how that's in MN. If not something happens to the lien for a million 365 days, it falls off the valuables. despite you do, do not sign a lien waiver with out being paid!!!!