2006-09-22 07:33:53 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Is the land in a developed area? Can you show ownership? Was it purchased or gifted? If you can show the bank that it's ready for building...you have plans and drawings and a builder I see no problem. Has the property been appraised, How is your credit? Is it building equity? Please feel free to contact me if you have questions at mitchg@mortgagemaven.net
2006-09-22 07:49:43 · answer #1 · answered by Mitch G 2 · 0⤊ 0⤋
You can if the combined cost of building, debt to be paid off and the car is no more than 80% of the equity you own on land.
2006-09-22 08:02:22 · answer #2 · answered by svikm 3 · 0⤊ 0⤋
If you own land, you can take out a mortgage against the value of the property. Will it be enough to do all the things you want to do? Unless it's a very large piece of land or is in an area where property values are at a premium, I'm betting you won't be able to borrow enough to do it all...
2006-09-22 07:43:24 · answer #3 · answered by sarge927 7 · 1⤊ 0⤋
You will probably need to get a construction loan to build the house. As soon as the house is completed, you can get a mortgage to pay off the construction loan and pay off any other debt you might want to include. Good Luck!
2006-09-22 07:42:30 · answer #4 · answered by LasVegasMomma 4 · 0⤊ 0⤋
If you don't owe anything on the land, you may be able to get a loan for your debt, car, etc using the land as colateral...
Dunno about getting a construction loan using the land as colateral... you may be able to roll the two into one, though. Talk to a lender.
2006-09-22 07:44:18 · answer #5 · answered by Yoda's Duck 6 · 0⤊ 0⤋
you will get a self construct loan, yet you are able to desire to be experienced to do this to be truthful. you will could desire to be or have qualified developers and the money is released at each and every degree of entirety, each time a level of entirety is reached, a surveyor will bypass to, bypass off the artwork and the subsequent funds is released. it extremely is not extra affordable and might run in issues, as quickly as the home is outfitted by developers you purely purchase it with a common loan. Self construct probabilities selection so it may desire to be from 15 to twenty-5%. sturdy success
2016-10-17 11:13:19 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Yes, if the value of the loan does not exceed a lending institutions base percantage amount of the value of your land based on your last years tax assessment.
2006-09-22 07:42:22 · answer #7 · answered by fun_guy_otown 6 · 0⤊ 0⤋
If your land is paid off you should be able to get that kind of loan.
2006-09-22 07:41:40 · answer #8 · answered by xox_bass_player_xox 6 · 0⤊ 0⤋
I would think your land would have to be worth as much as you are borrowing.
2006-09-22 07:42:04 · answer #9 · answered by Anonymous · 0⤊ 0⤋
probably... talk to your bank about what you want to do .. and see what they have to offer..
2006-09-22 07:42:45 · answer #10 · answered by limgrn_maria 4 · 0⤊ 0⤋