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How does buying land and building a house financing work?
How does buying land and building a house financing work? Are there separate loans for buying land and then financing a house?
Asked By Grainger | Grand Rapids, MI | 212 views | Finance Legal Info | 6 months ago
Answer(1)
Julianne Clark / Your Lowcountry Realtor
Charter One Realty
There are speciality financing loans for this type of build. The price of the land and the construction costs are added together to become one loan. Not all banks offer land/home loans. You may need to shop around. If you are looking to build in a community that is currently actively growing with a onsite builder -- they will usually assume the lot/house cost until closing. Then your financing will be a mortgage -- just like a exhibiting home would be.
- 6 months ago
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