The Finance Blogger


Questions about New Home Construction Loans

New Home Construction LoansQuestions about New Home Construction Loans. We get questions all of the time about different kinds of loans and financial situations. If you have a question about new home construction loans or any other type of loan, why not write us a comment with your question and we will try to answer it in our next post. There are no questions that are not important or too silly. Getting the right answer can save you a great deal of money, however as most people realize, your situation will be different from everyone else and you need to fully research your situation to make sure that you make the right decisions for yourself.

We received a question about new home construction loans from a reader and will answer his questions in our next post about home construction loans.

Question – New Home Construction Loans:

We are planning to build our own home using a number of contractors to help us. We are having trouble finding financing for construction of our home and we wondering what we are doing wrong since many of the banks are unwilling to provide financing.

Do you currently have a mortgage? :: No, we currently are renting

Home/Mortgage Loan Amount :: $200,000 to cover construction, landscaping and furnishing

Other Loans, Including Credit Cards:: a small car loan of $5000, no credit card debt at this time

Are you employed and for how long:: My wife and I are both employed and have been working for the same employer for over 10 years.

Your credit rating to be – excellent, fair, or bad? :: Excellent

Gross Amount Per Paycheck :: $2884 per pay combined

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure if it will help other people looking for new home construction loans.

Extra information here please (some detail)::

We have $30,000 as a down payment. My wife and I need an additional loan of $200,000 to build our home and fully landscape. This includes purchase all of the furniture and decorations. We are having a difficult time finding a lender to loan us the money and would like some suggestions. What we can do to put us in a better position to find the funds we need. We have the lot already purchased and serviced. The plans are in place designed by an architect, but have not proceeded to get permits or hire contractors. We do not have a lot of experience managing contractors and are also considering hiring a general contractor to manage the entire project for us. Is this a good idea? Should we do this or just try it on our own.

 

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post. For more information about new home construction, click here.

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One Response to “Questions about New Home Construction Loans”

  1. this sounds way too complicated for me. i would just like to buy a home from a builder who builds a home that is designed and built by them for sale.

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