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57 · Joined: 30 Apr 2008 Posts: 3 2.05 Dollars($)

I own a quarter acre lot that is worth 85k. I want to build a house on it to sell. I can build the home for 125k and it would be worth 250k at a minimum. Is it possible to get a loan for the whole 125k? or would I need to use some of my own cash? I own the lot free and clear

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi,

Are willing to obtain a Construction loan? I think you can get it but your credit report will definitely effect the rates and terms of the loan. So can you please tell us some thing about your credit and employment history?

Best of luck,
Larry

jenkin7 · Posted: Sat May 03, 2008 12:25 am Post subject:

Hello.

Have you shop around for lenders? You can get the loan if you have good credit and income source. Construction loans short term loans which last for 6 months to a year. So after building the house you can pay the loan off.

If you haven't shop around for lenders then go for it and I feel you can even request for no-obligation free mortgage quote from community lenders here. Just need to give minimum details so that lenders can verify your situation and see if you qualify for it.

Feel free to ask if you have any more quires.

gmakerley · Posted: Sat May 03, 2008 7:15 am Post subject:

construction loans still exist, yes.

you ought to be able to borrow the full amount that you need to construct your home, and possibly more to cover cost overruns and a variety of other needs in your construction project.

shop around (i can't help - our loan product has been discontinued) and i'm sure you will find several lenders willing to assist you.

Guest

WE OWN OUR HOME PLUS A 10 ACRE LOT. BOTH ARE ON THE MARKET. HOUSE LISTED FOR $269,000 AND ACREAGE FOR $50,000. OUR NEW LAND COST $106,000-OWE $99,500. HAVE $50,000 CASH. NEW HOME QUOTE IS $307,000. OUR CREDIT SCORE IS OVER 800. WHAT IS THE BEST LOAN FOR US?

jenkin7 · Posted: Fri Apr 10, 2009 11:16 pm Post subject:

Hi Coni,

As you have mentioned that you are building a home, are you looking for a construction loan? You have also mentioned that you owe $99,500. Is it owed on the previous property or on the new land? It is also not very clear what you mean by 'new home quote is $307,000'.

However, you credit score is quite good and I believe you can qualify for either an FHA loan or a conventional loan. I think you can seek a no-obligation free consultation with the community lenders who can help you decide which would be the best loan for you.

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

Coni,

You would be able to get a construction loan, sounds like you want to build a new home, right?

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