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Showing posts from February, 2015

Construction Financing

There is not a huge percentage of people out there who have custom built a house.  So, we are often asked what the financial qualifications are to be able to go from this...(dirt lot)...
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...to a beautiful finished home like this!   It is best to get preapproved for a construction loan.  Lenders typically look for: FICO Scores of 720 or above Approximately $250-300K of taxable income for 2 of the most recent tax years Cash reserves of approximately $100K Debt to Income Ratio 45% or less Equity into the project 25% or more This is a good start to help you on your way to building a custom home with McCullough Design Development.  More information can be found on our website at www.mddhomes.com under the "How it Works" tab.