can i get a construction loan with my self employment

[Anonymous]

i really want to get a construction loan for about 80k. i am self employed and my bank uses my checking account for proof of income. my fico is rising past 582 and have a monthly income of 3400. i am wondering if this loan is even possible being as how i would like it asap. what interest rates would i pay and what would i need down?

i have a small mortgage now about 16k and the payment is 244 per month. i plan to keep this loan and rent out the property for more income and payment.

Message Edited by rae1 on 04-02-2008 08:14 PM

[Anonymous]

I am  nowhere near a mortgage expert, but I have read that if you are self-employed they usually want at least two years of docs.

[Junejer]

Hi Rae, I am self-employed and had to provide two-years T/Rs and YTD P&L.

[Anonymous]

i am wondering what type of fico you had. what were your rates and was it a local bank? thanks!!!!!!!

[Anonymous]

If you are planning to go stated then you are going to need a minimum of 680.  You will need to get something that proves that you are self employed for 2 years.  I was going to get a construction loan stated but i found a foreclosed home and i am buying that instead.  Good luck

[Junejer]

I have a jumbo mtg at a local bank. My rate is 30 yr. 6.1% for $620M. My middle score was 677.