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Can you obtain a construction loan that covers land costs in MD? Or get a construction+land loan?

We are looking to build a house soon. We are currently renting. The property we would like to buy is $160k. We have the 20% down for the land. But we would not have the 20% for a $330k construction loan until later this year. Problems is that we don't want to lose this property. Could we get a land loan now and then later this year when we have the 20% get a construction loan? Or do you need to own the land outright to get a construction loan? I'm not sure if it matters but we are self-employed and have been pre qualified for a $500k mortgage.
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February 10 2013 - Hunt Valley
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Hi user4194723, Construction loans in our industry are known as bridge loans.  Meaning they serve as a bridge to a permanent loan once your construction is complete.  You should be able to secure temporary  financing during the construction period and inform the lender of your intentions to put increase your down payment to 20% once construction is complete. Keep in mind your newly constructed home may appraise higher than your construction cost putting you at an 80% loan to value, there by eliminating the need for additional down payment.
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February 10 2013
Yes, this is a typical construction loan. Go speak to several lenders and start asking questions to them, they can give you the details they can offer. Speak with several!!
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February 10 2013
 
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Can you obtain a construction loan that covers land costs in MD? Or get a construction+land loan?
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