I need some advice from all you great folks about home loans.
So excited I found this website, and look forward to hearing from everyone! My husband and I have recently paid off both of our cars, college tuition, and have been renting together ever since we both graduated from college. So because of all the monthly expenses we haven't been able to save up all that much money. But, we have been approved for a $250,000 mortgage. There's just one problem though, after the countless houses we've looked at we haven't found a single one we love. So here's my question for you garden webers. We've called around and got guestimates from various contractors around here and have discovered we would be able to build a house in the $250,000 range. So would we ever be approved for a new construction loan if we didn't have any money for a down payment? Would we look silly for bringing it up to our loan officer? Any and all advice is appreciated! Thank you!!