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re: Better to buy a lot up front or finance with home?
Posted on 5/10/12 at 5:25 pm to JonTheTigerFan
Posted on 5/10/12 at 5:25 pm to JonTheTigerFan
buy the lot know. when you own the lot for at least 6 months before you build your house you can refinance your construction loan instead of having to put a down payment down. in other words the lot cost you 50k you take out a construction loan for 200k and build a house. the house appraises for 300k with lot and house your are refinancing the balance instead of bringing money to closing. Insider information being distributed by the hawkeye. if you do not own the lot for at least 6 months before house is built then the value of the house is the construction cost plus the lot not the true appraised value.
1
Posted on 5/14/12 at 9:16 am to hawkeye007
I'm going to hijack this thread a little. My wife and I are trying to decide if we want to build. Is there an average cost to figure for builders or is there a big difference in the prices? We are talking about building approximately 3200 sq feet.
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