2007-12-14 17:53:51 · 3 answers · asked by lady k 1 in Business & Finance ➔ Renting & Real Estate
You CAN build a home for less money than an existing home if you put a lot of 'sweat equity' into the project (your own labor to cut costs). However, getting financing for the project is no easier than buying an existing home, if your credit is marginal. In either event, a lender is going to check your creditworthiness before agreeing to provide funds.
2007-12-14 23:36:59 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
No. Construction loans carrying more stringent terms and higher interest rates than buying an existing home.
If you have bad credit and little cash, fix your credit and save for a down. There are no short cuts here.
2007-12-14 18:31:00 · answer #2 · answered by godged 7 · 1⤊ 0⤋
It depends on the homeplans, the cost of the land and if you're capable of being your own contractor or not, but I think it can be done.
2007-12-14 17:57:49 · answer #3 · answered by annazzz1966 6 · 0⤊ 0⤋