Updated over 9 years ago on . Most recent reply
New construction vs resale, financing
okay guys, so I work for a home builder and have been shopping for houses in my area. I'm contemplating building my own house with the subs we use. I can build a new home for about $80 per sq ft. But first I'd need to find a lot. So for example if I wanted to build a 2000 sq ft house I'm looking at roughly $160k plus the cost of the land. I'd like to be in the $200-220k range. All said and done if at all possible.
The problem is, I have about $15k to put down so I'd need financing. Construction loan I would assume is the only way. How can I obtain financing with only $15k down? I can't even buy a lot with that amount. Is it really hard to obtain construction loan financing?
If this helps my chances at all... 700 credit score, wife is about the same. We only have about $12k in debt which is the loan balance on my truck. My truck is worth about $23-25k. No other debt at all. Income is about $130k. Total me and my wife. Do I have any options??? If I can't obtain a construction loan I'd like to look for good deals on resale or maybe a fixer upper. One I can renovate and sell after 2 yrs, but I'd rather build my own if at all possible. Thank you.