so here’s the long version. Wife and I have mid 700 credit scores and about 30 percent down to build our home. We spent all of 2020 trying to get approved to get a construction loan. Cant do it. I’ve called I don’t know how many banks. Always the same story. Finally spoke to an underwriter yesterday that writes fit 138 major banks , spoke with him for two hours, basically because of the uncertainty surrounding Covid, the 4-6 month build times, none of the banks he underwrites for, will issue construction loans. Unless you’re footing over 50 percent of the build and even then it’s low odds. He’s saying they intend to hold that pattern for at least 6 more months.
