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Can I use property as downpayment for new home purchase?
Posted on 5/26/14 at 3:21 pm
Posted on 5/26/14 at 3:21 pm
I have a piece of property that is paid off and I don't wanna move in that area anymore being I took a new job further away and I now wanna buy a house. Can I use the equity in the land as downpayment for a new home purchase? I would sell the land but I don't know how fast it will move and I need to buy a home now. Any advise would be appreciated.
Thanks
Thanks
5
Posted on 5/26/14 at 9:17 pm to GEAUX DJ!
Theoretically, you could put a mortgage on the land.
I don't know if a bank will actually go for that, though.
I don't know if a bank will actually go for that, though.
Posted on 5/26/14 at 9:23 pm to GEAUX DJ!
Yes, you can borrow against the equity.
Posted on 5/26/14 at 9:23 pm to GEAUX DJ!
Oh I am sure there is a lender that will loan you cash on the land that you can do whatever you want with.
Where is the property? What kind is it? Things like that are what you need to think as you approach lenders. Do your lenders like that kind of property in that location?
Where is the property? What kind is it? Things like that are what you need to think as you approach lenders. Do your lenders like that kind of property in that location?
Posted on 5/26/14 at 10:00 pm to GEAUX DJ!
quote:
Can I use the equity in the land as downpayment for a new home purchase? I would sell the land but I don't know how fast it will move and I need to buy a home now. Any advise would be appreciated.
Why do you "need" to buy a home now? Couldn't you rent something for 6-12 months in order to get the land sold? Is it likely you can sell the land soon?
I don't think you can use the land as a "down payment" but you might be able to use the land as collateral for a loan, which would gie you cash to use for a down payment. At what rate... I don't know.
Posted on 5/27/14 at 8:26 am to GEAUX DJ!
unless it's land in a hot spot, you'll probably have a hard time with that. The banks i deal with are still trying to get land off there books from the crash.
Posted on 5/27/14 at 8:46 am to trillhog
if you use land to get a loan or otherwise monetize land without outright selling it, then wouldn't that affect your credit and mortgage interest rate.
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