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Answers (6)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
Sorry, but I wouldn't know where to get something for your specific plans...not to say it doesn't exist, but typically blanket loans are used for large commerical investments/developments.
If your cash out loan doesn't allow you to pay cash for the lot, you could possibly get the lot financed with a big enough down payment.
What kind of figures are you looking at for home value, current loan and lot price?
- Jared021
- Contributions:4
When u said refi for cash out, what is the maximum they are allowing these days. Can I cash out more than 80% of my homes value?
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
Perhaps you could do a cash out refinance on your current property to get enough money to pay cash for the lot?
Then, when you are ready to develop the lot, you might be able to get a construction loan to help finance building the home.
If you don't have enough equity at this time for cash out refinance, then your plans become more challenging.
- Jared021
- Contributions:4
I'd like to buy a lot to build on; maybe next year. I was afraid that the lot might get purchased before I was ready to build on it. I can afford the lot and my current home mortgage, but don't really want to sell my current home in this market. I was thinking about renting my home and then building, but my wife is going to take off work for a pregnancy until sometime next year. It would be less expensive for me to have one loan rather than two...I think?
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
It is called a blanket loan, but they are hard to find and terms are not that great.
Do you want to buy the second property as investment or to live in? How much is your current property worth? Is there a loan on it?
Do you want to buy the second property as investment or to live in? How much is your current property worth? Is there a loan on it?
Loan for two properties
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