Get a loan to build a house

[mrushenas]

Hi,

I just paied off my land and would like t get a loan to build a house.
Does anyone knows if I can get a loan based on equity of my land?

Thanks

[Rich]

A construction loan typically will use the plan appraised value of the home and / or anything else you put towards it for collateral. So I would say most mortgage companies will allow you to use the land as collateral.

[plessard]

Hey mrushenas,
my name is Paul, i'm a loan officer with BLS Funding. send me an email and i'll get you my number so we can see if i can help you out with that loan.

[nick2]

Your construction loan should be simple. When I went through http://www.net2lend.com/usa they let me know everything, they informed me of the different options I had as well. I asked the same question you did to the agent I worked with (just for future reference) and remember him saying that land is perfect to use as collateral plus on top of that the lender uses the expected value of the home to be built. Although I didn't have land as collateral for my current purchase, I'm sure I'll be building in a few years. Good Luck!