If you own your land outright, meaning you have no mortgage or liens, you can likely use your equity in the land toward your purchase of a home. Typically, you use the land as collateral or obtain a new loan against the property and use the funds as down payment and/or closing costs on your new home. Obviously, value of the land you own, sales price of home you are wanting to buy, your credit score/credit history and loan programs you qualify for will be determining factors for what options are available to you. I would be happy to refer you to a local lender which has been very helpful to me with situations similar to yours. Please contact me directly if you would like more information.

Ask your mortgage broker. Do you own your land - no mortgages or liens? If you do, I think the answer would be yes. But the best way to find out is to ask your mortgage broker.

Is it possible that you could finance the land and use the money to purchase the home?