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trying to buy a lot

hi my name its Alex me and my wife are trying to buy a lot to build our home we have found a small lot but we need help finacing it i have poor credit and she hasnt use her much so i am wondering if you could help us and see if there is any options and see what you can do for us thanks 208 353 5071
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January 18 2013 - Vista
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Answers (5)

Aloha From the Big Island of Hawaii!

Loan brokers also do credit counseling so you can be ready to have a house or land loan.  In Hawaii, land loans are harder to get than home loans.  You might want to re-consider about buying land and look for good home in the same neighborhood.  There are several first time home buyer loans that are designed to help you be a homeowner!

Take care and find a nice lender who has time to explain what you need!

Marti Morshige, PB   Orchid Properties, LLC of Hilo, HI
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February 19 2013
Alex, you have several avenues you can take to see which (if any) work best for you.

1.  I would suggest dealing with a lender that understands first time home buyers and their constraints.  For example you might use "alternate" credit since your wife hasn't developed much.
2.  You might have her buy it "sole and separate" if she can qualify on her own (and if the loan program allows it).
3.  After you get pre-apprvoed for a loan, you might work select a Realtor that understands new construction financing since they might be able to help you find a builder that is willing to buy the lot, build the home and then resell it to you based on your plans and specs.
4.  If you had more down and better credit, you would consider getting a "construction perm (one time closing) loan"

In my 23 years as a local Realtor, I have closed brand new homes with over 50 separate builders in the Boise area, so I would be glad to sit down and consult with you to better figure out your options.

Hope this helps!
Jim
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February 19 2013
What Katrina and Ofe Polack said is good advice, additionally you may want to consider contacting a "hard money lender" who specializes in lending money to people with lower credit scores.
Good luck!
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February 06 2013
Hello, see if the seller would consider selling on a land contract, that always works best when there are credit issues.  It also saves time and headaches without having to deal with institutional lenders who drag their feet & add fees to your deal. 

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January 20 2013
The best option for both of you is to meet with at least two mortgage brokers and ask them to assist you in improving your credit.  Once you have a credit that allows you to purchase property, your best bet may be buying and existing home.  Or a turn key new construction, these are easier to finance than a lot and the the construction of a home.  Good luck!
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January 18 2013
 
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