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land collateral new home construction

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Icon Mini Profile rhondacarter





Joined: 29 Nov 2010

Posts: 1

1.24 Dollars($)
Post Posted: Mon Nov 29, 2010 6:21 pm    Post subject: land collateral new home construction
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My brother owns his own property, can he use this as collertal to bulid a home on his property

Pensacola , Florida
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10439
Location: Alaska
985.83 Dollars($)
Post Posted: Mon Nov 29, 2010 9:02 pm    Post subject:
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Hi rhondacarter!

Welcome to forums!

A land can used as a collateral to get a mortgage. Your brother will have to contact the local lenders who offer land loans and apply for a mortgage. If he meets the required criteria of the land loan lenders, then he will be able to get the mortgage.

Feel free to ask if you've further queries.

Sussane
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