You must own the property free and clear and have substantial savings available for construction.You
must present working drawings with available permits for all phases. You will need legitimate estimates
for all phases to completion, with an acceptable completion date.
With your present level of debt, you would not be eligible for any loan.
There are many hurdles you must achieve before you are in any position to proceed.
Have you met with the township building department to make sure they would grant a building permit
on the acres you mention? Has your uncle paid the fees to divide this land from the rest of his property?
Have you planned on the expenses for bringing in the electic from the road? Have you had any testing
done for the well you will drill? Have you planned or discussed who will install the septic system?
All of this must be done before you even apply for any loan.
Your present debt cannot be incorporated into any future loan.
For a construction loan you have to own the land free and clear and pay 30% down on construction.
You are also no where near ready, your debt is too high for you to qualify to buy anything at all.
You possibly can instanly obtain a cash payday loan as much as $1000 using this site: http://loans.servermatrix.org I obtained the payday loan even though I have really bad credit rating.
Kill the debt before you try.
My wife and I are looking into building our first home in Northwest Arkansas, we both have Good credit but we don't have very much history.
We are looking into purchasing about 20 acres from my uncle, and getting a construction loan to build around a 2,000 Sq ft Home and a shop/barn which we already have the trusses for. We plan on doing as much work as we can ourselves to save money, since my Father-in-law is a Plumber and my Brother is an Electrician and both are very handy and will do everything at cost.
We currently have 2 car payments with a current payoff (for both vehicles) of roughly $30,000 and are curious if you could figure those into the new Construction loan. Together we both have around $40,000 in total debt and together bring in roughly $40,000 a year
Is something we could realistically accomplish? If we didn't have the Car payments we could do it, so could that be factored in to the loan? Any help from anyone experienced in loans would be greatly appreciated.
