Do I qualify for a lot loan?

[Rwil72]

When might I qualify for a lot loan first,

then a construction loan

1. Mortgage Credit Scores:

• Myfico 3B mortgage middle scores, 640, the Wife’s 673

1. Credit Negatives:

• Type: ( 1collection, several charge-offs 0 balances and late payments,  13 inquires in last 2 years
• Status: Paid or Current
• DOFD: 11/15
• Most Recent: 10/16
• Miscellaneous: 
• Authorized user accounts (My wife only has one credit card in her name and another where she is an authorize user on my credit card. We have a total of 5 credit cards they we have just paid down to zero except one

1. Gross Income. 

• Our combined income is $140,000.

1. Source of income. 

• Hourly 70,000
• Salary 60,000,
• Overtime 5,000 averaged over the last 10 years
• Bonus 5,000 averaged over the last 3 years.

1. Monthly debt payments. 

• Student loans $460 monthly 
• Credit cards $15 monthly minimum on one card
• Auto loan $340 monthly 4 years left
• Auto lease $625 monthly 7 months left 

1. Employment 

• Both W-2'd fulltime 
• Myself at current company for 20 years, my wife at current company for 3 years but in industry for 6 years.

1. Assets/Reserves. 

• Savings, 20,000
• Checking 2,000
• 401k both have

1. Location:

• Missouri
• Lees summit

1. Property Description:

• A vacant lot that is 2/3 of an acre with utilities in a planned subdivision

1. Property Value. 

• 45,000 with a plan to build a 245,000  single family home

1. Occupancy. 

• Primary residence

1. Transaction Type.  Purchase

[Anonymous]

Check out Chris Hernandez at Community Mortgage. I am local also, in Independence area. There are also FHA one time close construction loans where you can aquire the lot and comstruction loan in one. Only closes once, and is not as strict on your mortgage scores. Also, only needs 3.5% down.

[Rwil72]

Thank you, I will contact him.