---

can owned land be a down payment?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Guest	Posted: Fri Oct 30, 2009 12:25 pm    Post subject: can owned land be a down payment? Like 0 Dislike 0 I live in south-central Illinois and am wishing to buy a house in Grrenville, IL, about 15 miles from my owned property. Can the deed to my land be used as a down payment on a home loan?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12357 Location: bloomfield, ct 55.04 Dollars($)	Posted: Fri Oct 30, 2009 12:32 pm    Post subject: Like 0 Dislike 0 the only time in which land owned would be considered apropos for down payment is if you were going to build on that land. then, the overall value of land plus newly-constructed home would be considered the value on which a mortgage was based. i'm afraid you can't do what you'd like to do here. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0