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What are my mortgage options for buying a property with a tear down house?

by jbailie819 from Fisher, Arkansas. Jan 7th 2021 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,346 contributions

Possible... Generally this is going to fall into the category of a construction loan. So reach out to a small community bank or credit union for the purchase, tear down, and new construction loan. When everything is done, you will pay off the construction loan with your loan term loan, like a 30-yr fixed. I lend in MN Wi IA SD ND. Find me an MNBestRates.com - Cambria Mortgage - NMLS 274132

Jan 7th 2021
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,268 contributions

There are programs that allow for funds to acquire land and build a new primary residence. They are commonly called one-time-close construction loans. The loan provides some of the funds to acquire the land and build the home. Once the home is completed and the Occupancy Certificate has been issued, the construction loan balance is rolled into a permanent fixed rate long term, typically 30-year, fixed rate loan. There are specific requirements and not everyone will qualify. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.

Jan 7th 2021
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