Answer: you would NOT be able to get a loan, period, the banks would shut down lending so fast your head would spin until Uncle Sam comes along and bails them out (again). 

Originally posted by @Juan Vargas:A “rule of thumb” that I’ve used before is 1.25% - 1.5% of purchase price.

They were having a good sale; everything was 40% off the "original price" (which is always a number they make up so they can then "discount" it).

Happy to answer any questions.

Hope this answers your questions. 

The answer normally lies in what your goals are.  

Origination costs, interest payment costs. 

If you dont know the answer to these questions that is okay, dont get discouraged!

Owner builder or building with a Contractor are questions I need answered plus any info I can get to improve my changes of getting a competitive loan. 

The answer is yes and no.The reason I say no is that most mortgages will have a clause in there allowing the bank to call in the loan if you transfer your interest in the property.the reason I say yes is that most of the time, they don't bother with this.