mamapinson Posted January 8, 2006 Report Share Posted January 8, 2006 We filed chapter 7 in 2001,It was discharged in 2001.In 2002,I guess I hadnt learned me lessen,made bad choices.Anyway in 2002 I had 3 chargeoffs,2 are small and I can pay.One is with capital one auto for a repo.CR states that balance owed is 4000,and they are showwing it as a chargeoff,but balance is still 4000.Since 2002 we have paid bills on time with no lates,but they updated these on credit report,so it jerked scores back down to 590's.We sold our home,and with the equity money bought 2.36 acres with mobile home.This is paid for,nothing owed.I talked to a mortgage specialist about a construction loan.We would like to build a house on the 2.36 acres,beside of the mobile home,then rent it out,but I was told that I would never get a construction loan until the capital one auto charge off was paid in full.Then she said I could get one through fha.Only trying to build about an 80000 dollar home,mobile and land is worth at least 40000.Is there not any type of construction loan that would work without paying this off?Live in TN.THANKS Link to comment Share on other sites More sharing options...
ntlnfn Posted January 9, 2006 Report Share Posted January 9, 2006 I have a lender that could work with you on those credit scores and not pay off the CO. Send me a PM of where you are TN and I can try and recommend someone that will be able to assist you.The lender I have in mind may require you to put down some cash towards the construction. Link to comment Share on other sites More sharing options...
mamapinson Posted January 11, 2006 Author Report Share Posted January 11, 2006 Bump! Link to comment Share on other sites More sharing options...
firstsource Posted January 22, 2006 Report Share Posted January 22, 2006 Are you going to build it yourself? Or be the general contractor? Link to comment Share on other sites More sharing options...
mamapinson Posted January 22, 2006 Author Report Share Posted January 22, 2006 We would really like to build it ourself,we built the last one,and saved alot,but would be willing to be general contractor,and hire it done,if we had to.Any info would be appreciated.Thanks Link to comment Share on other sites More sharing options...
mamapinson Posted January 24, 2006 Author Report Share Posted January 24, 2006 Are you going to build it yourself? Or be the general contractor? Would it be easier to get a loan, if we hired a contracter to build the whole house?Scores from my fico are now 623, 625, and 639. Link to comment Share on other sites More sharing options...
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