by Steven from Ellabell, GA. USA
Regarding Building A House: Hi Kate, I am interested in building a house but prefer to keep my current home too. It has no mortgage and the market value is around $60,000.00. I am thinking of renting it out or selling. My decision really lies in the money matter.
I am one of the people who has always paid my bills and that is why I am 35 years old with a mortgage paid off. However this has left me with only a 650 credit score because I do not have a lot that I now owe on.
So with that, I am not one who has any real money saved up but I want to build a new home on a different piece of land. Will I have to use my current property to get the residential construction loan without putting up any money out of pocket? If so will I be able to separate the two properties at the mortgage closing?
I want to build a new home but want to keep my current place separate for security reasons. Thanks, Steven
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