My wife destroyed my perfect credit within the first 2 or 3 years of marrage. I have since taken a way all financial matters from my wife and now handle the bills. I work hard and have a good job and need a nice home to raise my 4 and 6 year old boys . I own 7 acres out of town and want to put a house on it. What should i do? I do not want to exceed $ 45,000-65,000 , and/or no more than a 300 dollars a month payment.
2007-03-16 14:12:55 · 8 answers · asked by Fabion MacDavid 1 in Business & Finance ➔ Renting & Real Estate
$300? where do u live....sounds like you have the land...you just want to finance to build on it ....and that WONT cost 45-65..It will be more.I say sell the land and find a house..that way you have more options..on WHERE to live ....unless u tryna get a trailer..which i hope ur not gonna do
2007-03-16 14:18:59 · answer #1 · answered by myownsecretarydotcom 3 · 0⤊ 0⤋
Shoot man you shouldn't have a problem getting that loan unless your credit score is under 500. If its that low just pay off the debts on your credit report and wait. But the 7 acres plus a house should stand good for a $65,000 loan. However if you only want to pay 300/month you are looking at more like 40 - 50K.
As far as building a house though, you can't build much in that range. You could buy a doublewide trailer though. Honestly what I would do is see about getting a loan using the 7 acres as collateral, and use it to buy a used doublewide for about 20K. Pay that off in a few years and save, and rebuild your credit. Then you can look at building something really nice on all that land. I would park the trailer near the property line then build on the other side of the property and rent the doublewide when I build my house. Thats just my opinion though.
2007-03-16 21:56:32 · answer #2 · answered by Jesus Pleaseus 2 · 0⤊ 0⤋
fix your credit. you have to be spicc and span for at least 12 months. then you can get a construction loan. after two or three years you can refinance the property. the construction loan will be about 10-15 years at about 60-70k plus construction loans are not cheap, high then average a.p.r.
take some CERTIFIED home improvement classes in the time that you fixing your credit, so your bottom line will drop as your making your self part of the construction network
2007-03-16 21:37:37 · answer #3 · answered by August P 2 · 0⤊ 0⤋
If your credit is poor and you want to buy a house anyway, I can recommend you this site: http://www.freshmortgagerates.com/buyhouse-withlowcredit They can offer you affordable home solutions.
I used this free service platform one and I was very satisfied with the solution the offered me.
Good luck with finding your new home
Jim
2014-10-06 18:03:56 · answer #4 · answered by ? 2 · 0⤊ 0⤋
Visit a site at http://www.mortgageawareness.com and they have a article on how to get a mortgage with poor credit. There is also a mortgage calculator to figure out how much your payments will be.
2007-03-17 01:25:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can get a loan at higher price but you will have it go for it good luck on building your new home
2007-03-17 13:24:32 · answer #6 · answered by pattibcacl 6 · 0⤊ 0⤋
Where are you doing to live, en da ghetto
2007-03-16 21:29:55 · answer #7 · answered by Peacen 3 · 1⤊ 1⤋
That doesn't sound possible.
2007-03-16 21:27:53 · answer #8 · answered by Anonymous · 0⤊ 0⤋