Hi Guys! I'm currently in talks with a broker for a home/construction loan. I only make about 75k annually and have 1 child dependent. Wife is not currently working. We're first time homebuyers. Land and home is about 500k and broker tells us the max we can loan is only 335k and we have to come up with the rest. I've asked him about LMI and he tells me that doesn't matter and 335k is the max amount we can get regardless.
So that means we have to shell out 125k for land settlement and 30k when construction starts.
Is there a way we can increase the loan amount or are we really stuck on that amount? :s