2006-10-25 09:38:34 · 2 answers · asked by ga. pretty woman 1 in Business & Finance ➔ Personal Finance
"Challenged" credit is not specific enough.
Venture Bank in Washington State or Timberland Bank (I think also only in WA) can help you. This is ONLY if you work with certain home builders-- its been proven that these homes typically appraise for more than they cost to build (including land) so that you have equity, and thats why the banks are willing to finance.
Find some home builders (the ones that advertise "Just $35 a square foot!" or whatever) and ask who they have for financers.
2006-10-25 10:14:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
NO one -- Construction loans are only for people with good credit. No sub-prime lenders do these only conforming loans. The builder will build your home and when completed you can then purchase the home
I am a mortgage banker
2006-10-25 09:56:51 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋