We are looking to buy lot from a builder and have him build a house for us as soon as the plans are completed, hopeful the process takes 6-8 months in total. I had a mortgage person lined up for a home purchase (from our last home we bought and are now selling) but found out today that they do not do “construction to perm” loans as the builder is requiring for a custom home build. We would not have an issue if it was a traditional purchase from what our lender has shared with me.
Income is good with a $ 190k base plus bonus guaranteed at 35% for 2016 in writing – plus vehicle allowance etc
Credit scores are avg at close to 700
really need to only put 10% down if possible
Auto loan payments $ 2040 per month
minimal credit card debt – $ 1500 maybe and 10% utilization
House plus lot cost will be in the $ 600k range
Would anyone have a reference for a lender in MS that I could contact? We really want to move forward with the process but need someone with some programs available to help. I really want to avoid the 20% down if possible.