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i have inherited a house/land with no mortgage. Can I borrow against this house to build a second house on the same property

Is there a waiting period? Is there a certain amount? The house is in the Will as $400,000.00 by angelavancel344 from , Louisiana. Jul 10th 2014 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

You should be able to get a cash out loan pretty much immediately assuming title has been put in your name. If you want to use it as collateral for a CP loan to build another home, the issue may be finding a comparable property with two homes on it - maybe one as a main house and the other as a guest house? And, of course you have to meet all normal mortgage qualifications. I can help: pdumouchel@primelending.com (843-619-6025) http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

Jul 10th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

You may borrow on the existing property as soon as you have title from the probate court action. The amount and terms will be based on your income, debt and credit. I can help you through the probate process, if that is not completed yet. I can also help you gain clear title, so the loan can receive title insurance, which will be required. One caution: if you will keep the old house after the new one is built, be sure the zoning will allow two houses on the property. You can reach me at 503-620-2239. If you happen to be over 62, you could get the loan without income and credit qualifying. I can help you with that, too.

Jul 10th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

Yes, since it was inherited, you should be able to apply anytime after the property has transferred into your name. You might want to reconsider adding another home to the same parcel.. it would be better if the new property were on it's own individual lot.. the value will be greater and it would be easier to sell in the future.. putting two big homes on the same lot will make it difficult to obtain an accurate value if there are no other "similar" properties in the area (IE. one parcel, two homes).. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 10th 2014
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The existing house can never be sold and my daughter has usafrux till death (she is 25). But I have inherited the house and property. So my husband and I would like to be able to "benefit" from inheriting this house... We have already cleared with the tax assessor in our parish, whom also leaves in this neighborhood. Angela

Jul 10th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Angela, if you and your husband live in the house as you r primary residence, I should be able to arrange an owner-occupied loan; if you do not occupy the house, then non-owner rates and terms would be used. In all cases, your daughter would have to agree to the loan, and may, or may not, have to sign on the loan documents as a borrower. The application of the usufruct guidelines would determine this. For more information, and an initial quote, contact me at primefinancial@frontier.com. I will need income, debt and credit information on all 3 parties. With good credit and income, you should be able to get the money you need.

Jul 10th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

This question is better suited for an attorney.. the assessor might allow you to build, but for financing propose, you need to prove you own the property and have full control. Because of the nature of how you are holding title, you will not be able to encumber the property. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 10th 2014
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

As soon as the title has been transferred to you and is under your name you should be able to borrow against the property.

Jul 10th 2014
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Steven Ceceri (CreativeFinancingOptionsGroup)
#37 ranked lender in Massachusetts - 723 contributions

Hi Angela, you will need to make sure your land will allow for an additional dwelling on the lot, so inquire with your local City or Town Zoning Department. After you confirm if you can build and what those requirements are, I'd suggest you speak to a local mortgage professional and/or a Bank as you can take Cash Out of your existing home to use to build the other home without financing. The lot would need to be divided prior to any new financing so that the land you plan to build on it not encumbered by a mortgage. I wish you good luck going forward!

Jul 10th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,110 contributions

If it's in your name you can borrow against it. But you need to check with zoning before you make any plans on building a 2nd property.

Jul 10th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,754 contributions

As soon as you are in title as the legal owner, you can do whatever you wish.

Jul 11th 2014
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