https://ficoforums.myfico.com/t5/Mortgage-Loans/Constructions-Loans/m-p/691519#M68670 <P>Just did this in April 2010 in CT. A lot of banks don't do them and their rates and packages vary wildly. They're considered high-risk loans and I think it's MUCH harder to get a construction loan than other kinds of loans. I don't know what score you need--I was in the 8s and lucky enough to have a lot of equity on the property. I needed to show that I had 10% of the construction costs in cash and on hand for overruns. Just about everyone requires you to show 10% cost overrun in savings. I also got nailed for 0.25 point above their 30-year rates at the time, which was just what this particular bank did. Others don't let you lock in or give you the same rate for a construction-to-permanent. My advice is to go with the local bank.</P><P>&nbsp;</P><P>In hindsight if I could possibly have done a refi or a home equity loan I might have. Mine was a tear down and rebuild. Once the loan closed, though, no problems. Though my credit has taken a hit after this.</P><P>&nbsp;</P><P>Good luck!</P> Tue, 06 Jul 2010 21:47:10 GMT Anonymous 2010-07-06T21:47:10Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Constructions-Loans/m-p/682304#M67558 <P>Are construction loans available and what scores do it take to get them. EQ-683, TU710</P> Sun, 06 Jun 2010 13:55:28 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Constructions-Loans/m-p/682304#M67558 Anonymous 2010-06-06T13:55:28Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Constructions-Loans/m-p/691519#M68670 <P>Just did this in April 2010 in CT. A lot of banks don't do them and their rates and packages vary wildly. They're considered high-risk loans and I think it's MUCH harder to get a construction loan than other kinds of loans. I don't know what score you need--I was in the 8s and lucky enough to have a lot of equity on the property. I needed to show that I had 10% of the construction costs in cash and on hand for overruns. Just about everyone requires you to show 10% cost overrun in savings. I also got nailed for 0.25 point above their 30-year rates at the time, which was just what this particular bank did. Others don't let you lock in or give you the same rate for a construction-to-permanent. My advice is to go with the local bank.</P><P>&nbsp;</P><P>In hindsight if I could possibly have done a refi or a home equity loan I might have. Mine was a tear down and rebuild. Once the loan closed, though, no problems. Though my credit has taken a hit after this.</P><P>&nbsp;</P><P>Good luck!</P> Tue, 06 Jul 2010 21:47:10 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Constructions-Loans/m-p/691519#M68670 Anonymous 2010-07-06T21:47:10Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Constructions-Loans/m-p/693399#M68834 <P>I am doing a FHA 203k rehab loan. This loan provides the funds for purchase and rehab and regular FHA guidelines and credit score rules apply. You can purchase anything from a single family up to a 4 unit property with the loan.</P> Mon, 12 Jul 2010 23:24:22 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Constructions-Loans/m-p/693399#M68834 Anonymous 2010-07-12T23:24:22Z