Question by: rseverclear
I own a peice of properity that was given to me by a relative worth roughly $ 15,000.00. I also owe about the same amount on some credit card charges. If I build a house on that properity is there any way to borrow enough to pay the cards off at the same time. I guess it would be a consolidation in a manner of speaking. I do own the properity free and clear no liens or anything.
Other houses in the same developement where I own the land have sold in the 150′s to the 220′s range depending on size and location but those prices include the land which I already own.
Other houses in the same developement where I own the land have sold in the 150′s to the 220′s range depending on size and location but those prices include the land which I already own.
Best Answer:
Answer by Mortgageman
You can take out a construction loan, build the house, refinance the construction loan and roll in the debt (if the home appraises for $ 15,000 more than your construction loan and you can find 100% financing). It doesn’t look good.
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