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fallenbrowneyedangel · Joined: 23 Jan 2010 Posts: 2 1.55 Dollars($)

Okay, I need some help. We currently have our home on the market, and as soon as it is sold we are looking to build. My parents have given us 3/4 of an acre. It has been mine since 2006. It was just transferred into my name this month. I know that I can get a new construction loan through my local bank, and it's an all in one deal where we only close once. They however require 5% down. Can we use the land as "collateral"?? I don't know what my other options are without putting any money down?!? We have seriously outgrown our house, and the price per square foot is outrageous for what we need, so it makes more sense to build. I do know it's eligible for a Rural Development, but they don't do new construction. Also, we do have a VA loan. Please, someone help!

fallenbrowneyedangel · Joined: 23 Jan 2010 Posts: 2 1.55 Dollars($)

can anyone help with this???/

Guest

what state?

Posted: Sun Jan 24, 2010 4:59 pm Post subject:

Louisiana

smithsussane · Posted: Mon Jan 25, 2010 12:08 am Post subject:

Hi fallenbrowneyedangel!

Welcome to forums!

You can definitely use the land as a collateral and get a land loan. However, these days, no down payment loans are hardly available. You'll have to arrange for a down payment first and then apply for a loan. If you personally do not have any down payment, you may ask your friends or relatives to gift you the required sum.

Feel free to ask if you've further queries.

Sussane

Posted: Mon Jan 25, 2010 9:57 am Post subject:

Louisiana

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