The English prefixes syn-along with its variant sym-, derived from Greek, mean âtogether.â You can remember syn-easily by thinking of synonym, which is a word that goes âtogetherâ with another word because it has a similar meaning. You can remember sym-by thinking of symphony, which is a group of instruments making sound âtogether.â
Conventional construction loans usually require credit scores of at least 680, usually 720 plus. And, any loan where you put less than a 20% down payment will require that you pay mortgage insurance. An FHA construction loan sounds like it would work well for you. There are few lenders that do those loans, but my lenders does.
These loans allow a loan-to-value ratio of up to 80% and donât count late mortgage payments from the past 12 months against you. The average credit score of their borrowers is 670. Their loans are available for single-family residences, and they will approve up to $1 million for your loan.