Profile picture for Misst63

What kind of loan would you need to purchase a piece of land with a partially built home on it?

A 10 acre lot with a the shell of a house - and only electricity.  What type of loan would that be?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 17 2010 - Stratford
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Most lenders only give full value to 5 acres. A few go up to 10 acres.

Your main issues are a partially built home disqualifies a land loan and not having water and sewage disqualifies a construction loan. Either the partially built home needs removal or all utilities must be on the property prior to seeking financing. ....Happy funding, Rudi
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 17 2010
A nearly impossible loan. It will not be easy to do. These type of deals become extremely hard to appraise. The Seller usually wants more than the work that is completed wil justify. There is often work that must be redone. There are often many liens held by the defunct Builder's creditors. Try to find another house, unless you love stressful situations.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 17 2010

There are several options you made want to research. A construction loan providing there are no liens of any kind on the property getting clear title is very important on a project that already has work started. Contact a local lender in your area. If you own bank does construction loans check with them first.

Good Luck

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 17 2010
Could use a little more information but I'll try my best.  Is this a house that someone once lived in?  If yes you can do a renovation loan.  If no one has ever lived in the house you can do a construction loan.  If you currently own another property with equity your best bet might be to take out a line of credit on your current home, or refinance it and take cash out.  

If someone has lived in the house you can purchase and renovate with as little as 3.5% of your own funds.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 17 2010
I am going to ask a lender to be in touch with you.  Please, click on my name and send me your tel number. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 17 2010
 
Related Questions
What kind of loan would you need to purchase a piece of land with a partially built home on it?
Profile picture for Rudi Hofmann
Latest answer by Rudi Hofmann
March 17 2010 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 539 Brown Rd, Stratford, NH Home For Sale
    539 Brown Rd, Stratford, NH 03590

     For Sale: $139,900

    • Beds: 2
    • Sqft: 1300
    • Baths: 1.0
    • Lot: 1386950
  2. 1359 Westside Maidstone Lk, Maidstone, VT Home For Sale
    1359 Westside Maidstone Lk, Maidstone, VT 05905

     For Sale: $695,000

    • Beds: 4
    • Sqft: --
    • Baths: --
    • Lot: --
  3. 1276 Lost Nation Rd, Northumberland, NH Home For Sale
    1276 Lost Nation Rd, Northumberland, NH 03582

     For Sale: $89,775

    • Beds: 3
    • Sqft: 1400
    • Baths: 1.0
    • Lot: 43560