Any advice on this matter whether postive or negative is greatly appreciated. I am a 20yr old Electrical Linework apprentice. I have been in the apprentice program for the last 4 months, but before that have worked in or around the construction industy my entire life. I have experience in just about every field. Along with a few business managment college credits. I would like to get into the spec home construction business as I have worked for builders, and enjoy this type of work, and I understand the profit potential. My general question would be what are the possibilities of myself recieving a spec home land and construction loan? I only have 6 months on my current job, and bring in around $3900-$5300 per month after taxes. I dont have tons of credit, but have 2 car loans paid on, then sold and a credit score of around 660. Currently I can come up with around a 12k down payment. If anyone with experience would like to help me with my possible options, or if it is impossible what I should do to make it a possibility in the future would be greatly appreciated.
Full Version: SPEC Home Loan Help
”.. what are the possibilities of myself receiving a spec home land and construction loan?…
Not very good…
- You mentioned $12K of equity, but you will need at least 25% of the cost. The house costs $300,000 to build? You need $75,000.
- You have limited experience, and you are young.
In order to improve your chances you need to get together with someone that is doing the homes already.
Not very good…
- You mentioned $12K of equity, but you will need at least 25% of the cost. The house costs $300,000 to build? You need $75,000.
- You have limited experience, and you are young.
In order to improve your chances you need to get together with someone that is doing the homes already.
QUOTE(audi086 @ Jan 4 2006, 09:09 PM)
Any advice on this matter whether postive or negative is greatly appreciated. I am a 20yr old Electrical Linework apprentice. I have been in the apprentice program for the last 4 months, but before that have worked in or around the construction industy my entire life. I have experience in just about every field. Along with a few business managment college credits. I would like to get into the spec home construction business as I have worked for builders, and enjoy this type of work, and I understand the profit potential. My general question would be what are the possibilities of myself recieving a spec home land and construction loan? I only have 6 months on my current job, and bring in around $3900-$5300 per month after taxes. I dont have tons of credit, but have 2 car loans paid on, then sold and a credit score of around 660. Currently I can come up with around a 12k down payment. If anyone with experience would like to help me with my possible options, or if it is impossible what I should do to make it a possibility in the future would be greatly appreciated.
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