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The Water Cooler
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Buying Land/Construction Loans?
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<blockquote data-quote="rhodesbe" data-source="post: 2081682" data-attributes="member: 2415"><p>Can you give me a rundown on what the process is for buying land/building a house?</p><p></p><p>I have a traditional 30 yr mortgage on a house that is in the suburbs, but my wife and I would like to build a house on the right piece of land.</p><p></p><p>We may have found something we're interested in, but would need to finance a portion of the sale price.</p><p></p><p>I guess in the back of my head, I thought a 'construction loan' would be the way to go, but I've learned that these types of loans are increasingly hard to get. </p><p></p><p>I am confident that I could qualify for a mortgage that covers the total amount of both the land and house we are looking to build, but I'm not very clear on the best way to manage this.</p><p></p><p>Your experience and wisdom is appreciated! Thanks.</p></blockquote><p></p>
[QUOTE="rhodesbe, post: 2081682, member: 2415"] Can you give me a rundown on what the process is for buying land/building a house? I have a traditional 30 yr mortgage on a house that is in the suburbs, but my wife and I would like to build a house on the right piece of land. We may have found something we're interested in, but would need to finance a portion of the sale price. I guess in the back of my head, I thought a 'construction loan' would be the way to go, but I've learned that these types of loans are increasingly hard to get. I am confident that I could qualify for a mortgage that covers the total amount of both the land and house we are looking to build, but I'm not very clear on the best way to manage this. Your experience and wisdom is appreciated! Thanks. [/QUOTE]
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