New York Construction loan help!!!

[canilive78]

Ok here's the deal my fiance and I are going to recieve a lot in the Boruem Hill section of brookyn. We make combined 100-120k anually my fico (avg. of the two) 715, hers 695. The land alone is worth maybe 600k, my question is how hard would it be to get new construction loan we may have 50-70k to put dow? Trying to get maybe 300k 

[Anonymous]

If the land is paid for free and clear, the land is in your name, and you have the 50-70K it is quite possible.  It would depend upon your FICO scores, your income being documented, your job stability over the last 2 years especialy, and a few other factors.  BUT, if you have decent FICO scores, it should not be an issue.

[Anonymous]

---

@canilive78 wrote:

Ok here's the deal my fiance and I are going to recieve a lot in the Boruem Hill section of brookyn. We make combined 100-120k anually my fico (avg. of the two) 715, hers 695. The land alone is worth maybe 600k, my question is how hard would it be to get new construction loan we may have 50-70k to put dow? Trying to get maybe 300k 

---

Did you look into sonyma?  It's a loan program for people who live in ny that offers rates usually lower than the normal average.  It has many of the same rules/advantages  as fha but doesn't require you to pay pmi/mi  if you put 20% down.  They do 100% construction financing.