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Updated over 7 years ago on .

User Stats

1
Posts
1
Votes
Rebecca Perkins
  • Denham Spgs, LA
1
Votes |
1
Posts

Need to buy land, sell current home, and build a new home. Help!

Rebecca Perkins
  • Denham Spgs, LA
Posted

I have no idea where to start with all of this. I own my home. I bought it for $167k, and now it is is worth $205k. I recently got married. My husband makes $100k a year, but has horrible credit. I make $50k a year and have a 775 credit score. We are working on it. Our ultimate goal is to find a piece of land, not in a neighborhood, sell my home (once we get his credit score where it needs to be), and build a new home on the land. My current mortgage company said they would give me a preapproval letter once we got his score up to 620, to show the builder who would give us a loan. I just don't know where to start. Should I get a home equity loan for the property? The most they will give me is $24k, which is not enough for the land that ranges from $40k-$95k. I've talked to many banks, but no one can give me a straight start to finish strategy to go by. Please help!