A question about building loans or mortgages?

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I own a piece of rural land in Southern California (Tehachapi) and I’d like to build my home there. Problem is, I’m currently homeless and living with AIDS, and my credit score is in the mid-600’s. I see all these ads on the net for mortgages at all-time lows, like, say, $ 300,000 for under $ 999 per month. I don’t want to spend more than $ 500 a month on a mortgage. I do have a job that would allow me to pay that much.
The home I want to build is a geodesic dome house, kit cost around $ 30,000. The well, pump, and tanks will be about $ 10,000 to $ 20,000. Electrical generating system will start around $ 6,000 to $ 8,000.
I figure on doing most of the construction myself (with friends and a couple of professionals helping) and I think I can do it for around $ 100,000.
Is there anyone who can tell me if I’m being realistic to hope for a mortgage or construction loan for $ 500 per month?

1 Comment
  1. Reply
    no-nickname
    May 1, 2011 at 6:39 am

    If the land is very valuable and can be used as collateral you will have a chance. If the land is not valuable you could likely still arrange financing but with the home to be built as collateral. You would arrange construction financing. the problem there is that the lender will typically want the work performed by a licensed contractor. Good Luck

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