Getting a Construction loan for land that's not in my name?
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My folks have 17 acres in the country and we want to build a house on it. It isn't in our names, just my Mom and Dad's. It is in a 5 acre zoning area. In order to get a contruction loan, that will later turn into a mortgage that we can borrow equity on, what do we have to do? We NEED to be able to borrow equity, so that needs to be part of the deal. So, do we need to "buy" a 5 acre parcel from my folks (meaning they would just give it to us, no money involved) or is there a way for my husband and I to get the loan in our names without my folks on it but it still being their property?
We want the loan to be only us with the ability to borrow. I understand how contruction loans are interest only at first and then turn into a mortagage once you have a certificate of completion, but that's it.
I will greatly appreciate any educated answers!!!
Getting a Construction loan for land that's not in my name?Since your parents are willing to give you the property,have it titlled in your names and then the mortgage providers will be willing to work with you. As long as your parents name is on the deed they will be the legal owners.
Getting a Construction loan for land that's not in my name?Realistically, no one will loan you money to build on someone elses land. Think about it - what would they do if you default? Sell the house that sits on another persons land?
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