Im hoping someone can answer this question, Im wanting to purchase some land and build a property on it. Can I get a mortgage for this?

Asked by dolledup, 91505 Wed Oct 24, 2012

If so how do I go about it?

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Tim Moore, Agent, Kitty Hawk, NC
Wed Oct 24, 2012
Sure can. What you are asking about is commonly called a construction loan. There are a few ways they can be structured. One is for the lender to give you money draws and you pay the contractor with the draws. Another is to let the contractor buy the lot and build the house and then on closing to put it all in your name. Go speak to a lender or two and they will explain what your options are based on your ability to borrow.
1 vote
Ali Qureshi, Agent, Pleasanton, CA
Thu Jul 24, 2014
there are good construction loans available for all construction needs.
0 votes
Justin Bevins, Agent, Canyon Lake, CA
Sat Dec 29, 2012
US Bank has really good land loans and construction loans currently. Once the construction is done, the construction loan "rolls" to a regular mortgage. Try US Bank's website to find a local lending branch in your area.

Enjoy building your home, it's one of the most rewarding adventures you can have.

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