Question

How can I get a home loan to build a new home?
How can I get a home loan or a loan to build a brand new home on vacant land?
There's this nice piece of country rural land that I'd like to buy and it previously had a mobile home on it.

It already has electric, water well, and septic tank in place. So all I'd need is the home built on the land.

But I need a loan to get the home built.

I don't want a mobile home. I want a nice traditional stick built site built home put on the land.

Answer 1

Getting a loan to build a home on bare land can be a bit harder than getting a loan for an already built home.

You'll have to just go to your bank and ask them for a home building loan. I think that's the term for it.

Or if not just ask your bank or the bank you want to get a loan from that you want to get a loan to build a brand new home on some land.

They'll be able to help you further.

You'll need great credit and some other collateral that they can have for security.

Do you already own a home? Maybe you can put the deed up for collateral for the new home build loan or sell the home you already have and use the funds from it to build the new home and rent or stay in a travel trailer or even a cheap mobile home on the lot while you get the new home built.

You can find some cheap used mobile homes for $5,000.00 that you can live in temporarily until the new home is built.

Then you could resell the mobile home and at least recover some of the costs back.