Using Land Equity For Construction Loan

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My wife and I have done quit a bit of research and figure if everything goes close to as planned, conservatively we would have around $60k of equity (land+home) once the finished product is appraised. I guess my main question is in regards to using land as collateral for construction loans.

Yes, you can use the equity in the land as a down payment. The land does not have to be free and clear. If there is a balance owed, it will be refied into your new home loan. Unless you sell your current home prior to building, you would have to include both mortgages in your debt ratio.

The down payment is the equity you have in your land. For example, if your land is worth $50,000 and you own it free and clear, multiply this equity by 4 and this will qualify for a maximum loan.

The Section 184 single close construction or rehabilitation loan is a. loan is eligible for a loan guarantee certificate issued by the Office of Loan Guarantee using. equivalent in land equity when building on his/her own land,

If I understand your question correctly you are asking about building a home on land that you already own and can your equity in that land be. with either the first draw of the construction loan or.

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