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.
Your credit history and score also factor into the decision. Ample income isn't enough to obtain a construction loan. Loan companies have specific credit requirements, and the higher your credit score, the better. Aim for a credit score of 680 or higher if you need a construction loan up to $417,000. For loans that exceed this amount, you need a score of 700 or higher. You can order your own credit score from Myfico.com. If your credit does not meet a construction lender's minimum requirement, take steps to improve your score.