Building A House

by Steven
(Ellabell, GA. USA)

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


Hi Steven,

Thank you for contacting Get-Your-Best-Mortgage-Rate.com with questions about building a house. I have answered your letter at Residential Construction Loans which also discusses long term and permanent financing options.

I hope you will find these solutions helpful. Please feel free to come back to my website again in the future with more questions. Of course, you can invite your friends to comment on this page or create one of their own.

Best Wishes,





Kate Ford
Your Online Mortgage Advice Friend

P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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