We bought some land and used our line of credit to buy it for a short sale. We are now ready to get a regular mortgage on it. Can we just apply for a regular home loan? We currently are leasing the land out to a business. There is no home on it.
Contact your lender. Based on the question it appears unsure that you want to build a home on it now, requiring a construction loan, or a new loan on the land itself, which is a different kind of loan. Also, the lender will be interested in your use and the lease to a business. This is from a usage perspective as well as what it will do to your income.
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Contact your lender. Based on the question it appears unsure that you want to build a home on it now, requiring a construction loan, or a new loan on the land itself, which is a different kind of loan. Also, the lender will be interested in your use and the lease to a business. This is from a usage perspective as well as what it will do to your income.
