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Virginia -- Mortgage for 2nd home on property

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JaneskiFam Joined: 11 Sep 2010 Posts: 1 1.33 Dollars($)	Posted: Sat Sep 11, 2010 8:19 pm    Post subject: Virginia -- Mortgage for 2nd home on property Like 0 Dislike 0 My extended family owns a decent sized lot (with house on it) in Virginia. I am currently doing some research regarding the possibility of obtaining a home-loan to build another house on this lot. (Zoning is fine, I'm looking for info on financing) Since the "mortgage" will not include the land, how does this work? Are there mortgages out there to build a 2nd home on an existing piece of property? Even if you cannot give me an answer -- but perhaps point me in the direction of laws/statutes/regulations, that would be WONDERFUL!
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Sep 13, 2010 2:57 am    Post subject: Like 0 Dislike 0 You will have to contact the local lenders and apply for a mortgage with them. You will have to take out a construction loan in order to build the property. Once the construction is complete, you can refinance the construction loan into a normal conventional loan. _________________ Good is the Enemy of Great.

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