Summary: Good people with bad credit can find solutions for homeowner loans and home mortgage loan needs. Poor credit is not a problem forever.
Carl, I have gone down the road of debt and have gotten myself in a lot of trouble. I no longer have the credit for a construction loan, or any loan.
Is it possible with an above average job, and a lot of extra time to build a house out of your pocket? I.E. pay cash for site prep, save, pay cash for foundation, save, etc.
Thank you!!
Jason
Hi Jason,
It is almost impossible to build a new home “out of pocket”. It is also almost impossible to get a mortgage with bad credit and unfortunately while they are secured loans, construction loans are mortgages.
Secured loans are usually considered by lenders as safe loans and even though construction loans are secured loans they are considered the riskiest of secured loans.
Even if you could find a mortgage with bad credit, the mortgage rates for bad credit would be very high…too high.
(A house left unprotected & exposed to the elements)
