Can I get a loan to buy land and build a house?

+1 vote
asked Oct 6, 2019 in Real Estate - Renting by 00089723 (420 points)
Can I get a loan to buy land and build a house?

3 Answers

0 votes
answered Oct 7, 2019 by Gracy (64,790 points)
Yes you can go to the bank and apply for a loan to buy land and to build a house with.

When you get a loan to buy land and build a house you'll usually get what's called a home construction loan and you'll need to provide the bank with house building plans before they will approve the loan.

It can be hard to get a loan to just buy land but not impossible.

Sometimes farmers will get a loan to buy land with and pay the loan back every month in payments so it's possible.

Some banks may offer what's called land loans and you'll usually need to put up some form of collateral to secure the land loan.

Ask the bank about a construction loan or a land loan as sometimes you can get a loan just for land through some banks.

Especially banks that lend money to farmers.

But if you plan to build a home on the land then you can usually get a construction loan for the home and land.

Other times you'll need to have a home already on the land to get a traditional home mortgage.
0 votes
answered Dec 2, 2019 by Jeraldo (2,300 points)

Hey, when you get a loan to buy land you will need to have proof of your income and if your annual income fits the lender's requirements then you will definitely get a loan, otherwise how will you repay the loan. It seems to me that you need to first consult with real estate experts in your area and at least you can read more information on loan products on the website

0 votes
answered Dec 4, 2019 by inessa8 (1,000 points)
edited Feb 20 by inessa8
Yes, you can do it.

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