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by JUSTWONDERING
Mon Apr 12, 2010 8:10 pm
Forum: Home Loan Forum
Topic: Possibilities and our situation???
Replies: 1
Views: 7338

Possibilities and our situation???

Hi

I am just wondering what possibilities are open to us.

My husband and I had a business go under 3 years ago; unfortunately we had large debts to pay and have nearly successfully paid them (over $500,000 worth). We had one glitch on our credit rating, of a bill that we knew nothing about - however have paid this, and have been advised that a note was attached to the credit rating advising that we did not know about this debt; and it was paid immediately; we are hoping that lenders recognise this comment, as we have paid everything we owed + more. fingers crossed.

We have plans to get into our own house again within a year. We are aiming to have $20-$30,000 saved by next June at which time we would liek to do one of two things;

1) We are currently living with my in-laws on 100 acres, which they have offered us to buy 10 acres off them; and build a house here. Which we would love to do. As we are unable to sub divide the property in the area to less then 100 acres, we are not sure how this would work with getting a mortgage to build a house here - is this possible??? What would be required for the banks to look at us?

and if this isnt possible

2) we can buy our own land and build our house on our own land.

option 1) we would be looking at spending around $400,000 and option 2) around $500,000 if we were to build on the new land. what sort of deposit is required.

My husband earns $1900 a week guaranteed. I am studing to be a teacher; however should be qualified and teaching by the time We apply for a mortgage (starting wage by then will be approximately $60,000).

If you could advise on the liklihood of us getting a loan, and what depsot we should be aiming for that would be wonderful.

Thank you again,