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.
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