Posted on: 09th Feb, 2009 09:11 am
I have land in Tennessee that is paid for. We have found a home to put on the land but our dept ratio is high. Our credit is excellent but we have some bills we need to pay off. Is there a way that we can sell our land back to ourselves and finance the land and home together?
Hi Swfamily,
It's good to know that your credit is excellent. But your debt ratio is high. So, there are less chances of qualifying for a mortgage, though there are other factors that lenders will consider.
"Is there a way that we can sell our land back to ourselves"
I didn't get what you're trying to say here. How can you sell your land back to yourself?
It's good to know that your credit is excellent. But your debt ratio is high. So, there are less chances of qualifying for a mortgage, though there are other factors that lenders will consider.
"Is there a way that we can sell our land back to ourselves"
I didn't get what you're trying to say here. How can you sell your land back to yourself?
If you go to a specific lender or someone with private money, you can most likely "refi" your land and pull out the "equity".