FIANCING QUESTION

[JAN]

Looking to do a home/land package in Florida. Land cost of 52,000.00(5.5 AC) and home cost is 63000.00. Can document ALL income at 193,000.00 per year(not bragging,just being honest.) Ficos are 638,630,617.No bad credit or lates just high usage,but of course income is not factored into credit scores. Here is the tough part,this will be a second(VACATION) home.Will I be able to obtain financing and if so@what rate,term and down am I looking at? The home in question is new. Thanks,Jan

[rmurray]

With all that income you should easily be able to get the score up...All you have to do is pay down some of those credit cards...or ask for larger limits...

Many lenders are looking for 640 middle score...just paying down some debt would easily raise your scores that many points...with 640 middle score...and verification of this type of income for 2 years (especially if it depends on commission, overtime or small business)..you should qualify for 2nd home with good rates..about 5 3/4% currently with as little as 5% down...the more you put down..the lower PMI (Private Mortgage Insurance) will be..

Check with some of the mortgage lenders listed here on this site..Good Luck..