What fico score do I need to get a prime rate mortgage construction loan? I already own the land and owe nothing on it. I have read that the lenders pull all three reports and take the middle score. So should really concentrate on two cra's since the lowest is not going to matter anyway? I would like to start building in about a year, but if I had to I could go about two years. My husband filed bk in Feb 2000. He was court ordered to file because him and his ex-wife were getting a divorce. She refused to pay any bills but wanted to keep everything and make him pay for it. Judge got tired of the argueing and ordered him to file. Has anyone ever heard of that? Is that legal? EXP 640 TU 595 EQ 581
The stock answer is a FICO score of 661 would be great. A 681 would be even better. They will consider many other factors also. If you have your own land and have owned it over 12 months when you apply I believe you can use it for collateral. That should help. If your other factors like debt ratios and down payment are good, anything over 620 will probable be OK. Interest rates will be going up so waiting the extra year may not be worth it. Good luck.
