I Have A Block Of Land That I Have A Mortgage On And Have No Savings Now From Purchasing The Block, Am I Able?

to get a house loan to also purchase a house that i wish to live in or do i need additional savings to do so… ?

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6 Responses to I Have A Block Of Land That I Have A Mortgage On And Have No Savings Now From Purchasing The Block, Am I Able?

  1. wizjp says:
    February 6, 2010 at 1:15 am

    IN the US that would be a construction loan; and only your banker could answer that question.

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    February 6, 2010 at 2:21 am

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    February 6, 2010 at 5:30 am

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  4. Doctor Deth says:
    February 6, 2010 at 11:02 am

    without any equity in the land, you might still need down payment money to build a house on it – if the land was fully paid for, that usually counts enough as down payment

  5. Tom says:
    February 6, 2010 at 1:20 pm

    If the first mortgage was less than the whole value of the land, you could get a second mortgage on it.

  6. Chrys says:
    February 6, 2010 at 1:41 pm

    ask the bank..we’re not psychic and don’t know your financial history…