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Mortgage Library: Ask a Mortgage Related Question: Answers: Construction Loan
My husband and I are in a position to buy 2 lots of property fairly cheap. The first property we are renting a house on (from my husbands parents) and the second has a house being rented. We are interested in buying both houses and also building a house on the 2nd houses extra property. We would like to maintain both current houses to rent as a source of income. Our problem is that due to our current career position we have high debt to income
It is possible to use the equity in your existing properties and the rental income to help qualify for a construction loan. As you probably already know, construction loans are a little tougher to qualify for than a loan for an existing home. Debt ratio is a big factor, also important are your credit scores and liquid assets.
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