Experts Questions and Answers

Cory Kline, AMP
Mortgage Agent
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Is it possible to get a mortgage on a lot with out building on it right away? If not what are the other financing options? The lot is 10 acres and the asking price is $150 000 MLS listing #1002020

Posted by Brett Currie to Cory Kline, AMP  ::  Views (5552)

Hi, If you own an existing home with equity, your best choice could be to refinance your house and pay cash for the land.

It may be also possible to get a bank to lend you 80% of the value on a line of credit being $120,000 on $150,000

Your other option would be a private mortgage of maybe $110,000. 75% of the value of $150,000

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