ChevyMan1972 Posted February 10, 2009 Report Share Posted February 10, 2009 Everyone, Does anyone have any experiance with building a house on property you own? The wife and I are getting some land and having house built. If the land is in our name would we go with a conv. home loan? How does it work? Thanks, Daniel Quote Link to comment Share on other sites More sharing options...
Tractor Posted February 10, 2009 Report Share Posted February 10, 2009 If you owe on the land you can roll its mortgage into your home mortgage when the house is completed. No problem and banks do it all the time. Wife and I got land and did just that a couple years ago. Quote Link to comment Share on other sites More sharing options...
Clifford Automotive Posted February 10, 2009 Report Share Posted February 10, 2009 2x4's and nails... Quote Link to comment Share on other sites More sharing options...
RS69 Posted February 11, 2009 Report Share Posted February 11, 2009 (edited) Everyone, Does anyone have any experiance with building a house on property you own? The wife and I are getting some land and having house built. If the land is in our name would we go with a conv. home loan? How does it work? Thanks, Daniel Are you building in Delaware county? We bought our land and then built our house a few years later. The way we did it was to get a construction loan from the Delaware County Bank. Once you finish building your house, the construction loan can be rolled into a conv loan. The Delaware County Bank was very helpful when we built our house in Delaware county. Edited February 12, 2009 by RS69 Quote Link to comment Share on other sites More sharing options...
Akula Posted February 11, 2009 Report Share Posted February 11, 2009 Not sure I understand your question. If the land is in your name, you can build on it. A bank will not give you a conventional loan on a house under construction, you need a construction loan for that. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted February 11, 2009 Report Share Posted February 11, 2009 I am almost wanting to start looking into building. The wife and I can't find anything we want. Too many "family" style homes. We really just want 2500-3000 sq/ft, at least a 3 car garage, full basement (that we can convert to a theater room), 3 bedroom, 2.5 bath, vaulted ceilings with an open floor plan similar to our condo, and not be a big fixer-uper, on at least .75 acres in the Dublin/Powell/south of Delaware City area. And we can't find shit. Sure we can, with a 4k+ sq/ft house @ 400k plus...no need to spend that much for what we want. Otherwise, a bunch of fixer-upers, cramped neighborhoods, weird floorplans, small 2-car garages with no way to build another, etc. What we are wanting shouldn't be that hard to find in the 200-300k range, but at that point it's all about as many bedrooms as possible in a little neighborhood, to be "family friendly." So what's the cost of building something on an acre of Delaware land? Quote Link to comment Share on other sites More sharing options...
Akula Posted February 11, 2009 Report Share Posted February 11, 2009 I built my 3100 sq/ft 4br 2.5 bath on a huge basement with 3 car garage for $235,000. Schumacher Homes http://scubaforlife.googlepages.com/sidingisup Quote Link to comment Share on other sites More sharing options...
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