Timeline for How can a senior finance building a home with no current credit score but good equity in current home?
Current License: CC BY-SA 4.0
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| Apr 24 at 21:34 | comment | added | D Stanley | @user71659 Maybe at national banks where the approval process is more rigid. If you go to a local bank and say "I have a paid off home and want a construction loan that I will pay off when I sell that home" they might be more flexible. They might prefer to use a HELOC instead but it's worth asking at least. | |
| Apr 24 at 20:48 | comment | added | user71659 | Construction loans generally require a good credit score and 10-20% down, so it doesn't seem to solve the issue. Construction loans may be harder to get than mortgages because there's a lot of moving parts in building a home and if things go wrong, the bank gets stuck with a difficult to sell half-built home. | |
| Apr 24 at 18:39 | history | edited | D Stanley | CC BY-SA 4.0 |
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| Apr 24 at 13:20 | history | answered | D Stanley | CC BY-SA 4.0 |