HELP! We Need A Construction Loan...

[Vivienne]

Is there any company's out there that will give my husband a construction loan?

Last year we purchased a 2002 doublewide in a mobile home park in Haysville, KS, and after living here a year and having the lot rent eat us alive we have decided we want to move the home onto a peice of land we have seen.

The plan is: To buy the peice of land, do all the necessary work to get the house set up on it and then pay off whats remaining on our mortgage and have one payment on a 30 year loan.

We have found a company that will come in after the construction loan and pay that off and the remaining balance on the house BUT we have yet to find a company that will give us a loan for the construction side.

My husband does not earn that good money (roughtly $1600 a month), and i do not work as i have just had a baby. His credit is not too bad, but there are some duplicates on his credit report that we are in the process of having removed.

Can anyone help us? we're getting desperate to move our home and get some peace and quiet.

Many thanks

[rmurray]

If you have a true approval on the final finance...there are companies that will help..

Ask your loan broker about Yorktown Funding...there are others..They will not do a loan until final approval is had..this means all loan stipulations have been met...appraisals have been done and reviewed by the underwriter...title searches have been completed...and the final loan is ready for closing..then they will step in and close...some of these lenders are very expensive..expect a cost of about 6 to 7% of the loan amount..plus interest during the building process of about 3/4% per month..

[Vivienne]

Thanks for the information, I've just called Yorktwon Funding and they can't help us, as we live in Kansas. Does anyone know any other companies (in Kansas) that will be able to help us, our broker has basically told us she can't find anyone to do the constructiion loan and told me to call around everywhere to try and find one, but I'm worried that doing this will hurt my husbands credit more!

[rmurray]

It will not hurt his credit to legitimately look for credit...this wives tale the a few inquires will hurt already damaged credit is silly...All the inquires in the world can only effect the score by 45 points...1 30 day late notice can drag some credit files down by over 100 points..

My only other advice would be to talk to local small banks in the area...You really do not need a full construction loan...only the part to payoff the land and the moving costs...Take your permanent loan approvals with you when you go to see them...This is much better done eye to eye..rather than over the phone...always much easier to say no over the phone..

[Charlie Anderson]

My company may be a source for you depending on the particulars of the loan. Please give me a reply with contact info and we can discuss...thx, Charlie

[Nancy Mitchell]

Need to clarify the information about your credit score...What lowers your credit score is to have numerous lenders running credit on you..It won't hurt your score if you are CALLING lenders and asking questions. However, you need to ask them NOT to run a credit report on you unless you intend to go with that particular lender. They can certainly answer your questions and tell whether they will do the kind of loan you need, without resorting to running credit on you. If you don't give them your social security numbers, they can't run the credit.

Nancy Mitchell, Broker

[rmurray]

Although you are correct that many inquirey's do affect credit scores..Only 45 possible points are affected...I never cease to be amazed at all the folks with 450 Scores who sit across of the desk from me blaming these low scores on credit inquires...When I am looking at scores of collection..late pays..liens..bankruptcies...like the only thing wrong was the bad car dealer who tried to get them financed...he ruined their credit score..

It is possible to have an 800 beacon score..and have hundreds of inquires..It is NOT possible to blame a 450 score on inquires..

[Stacy Showman]

I am vice president of Universal Lending, we are an interim loan company and currently have some loans in Kansas. Please call me about your interim loan request, I will need a copy of your husband's credit report and yours as well and you can fax those if you already current copies. We can go over some of the details over the phone. Final approval will go through the president of our company but I will see what I can do to help you out.

Stacy A. Showman
Universal Lending Services
918-485-4047
918-485-3110 (fax)

[Brian K. Duck]

Did you find a lender?

[Suz]

We want to purchase land with a single wide on a foundation and we cannot find a loan.I would like to add another to make it a double wide with two title so it is an "official double wide". We have excellent credit and want to know if we can by the property as a construction loan or another type and add another single wide to make it a double or purchase a new double wide and put it on the property and then get a loan for it?