Our house is for sale; we will be moving to Nevada. I own property outright, and we want to build a house on this property through a local builder. Just moving out there, we may not have jobs. Will we still be able to get a building loan?
Unless you can provide evidence of other sources of funds with which to repay the loan you seek, you won't be successful. Sources that a lender might look favorably upon are the sale of your current home, particularly if you have the home under agreement when you apply for the construction financing. As you know, the current economic environment may make getting a loan very difficult, without reliable sources of repayment such as income or a purchase and sale agreement on your current home.
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Unless you can provide evidence of other sources of funds with which to repay the loan you seek, you won't be successful. Sources that a lender might look favorably upon are the sale of your current home, particularly if you have the home under agreement when you apply for the construction financing. As you know, the current economic environment may make getting a loan very difficult, without reliable sources of repayment such as income or a purchase and sale agreement on your current home.
