Do I need to get a mortgage if I am building my own house/am buying a lot?

Unless you have cash for the lot as well the construction of the home then yes, you will need a mortgage. One common product is a construction to permanent loan. This entails a loan for the construction of the home and turns into a regular mortgage once construction is complete. Your best option is to contact a mortgage banker who does these types a loans to go over your specific situation, as every situation is different.

A loan on an existing, completed house will be much easier to obtain, if you have cash to complete it first. Do not run out of money in the middle of construction!

Yes, if you need financing to purchase the lot and build the home, you will need to get a loan.

There's way to much info missing to properly answer your question.. if you saying that you will actually be swinging the hammer and building your home, then unless your a licensed, insured and bonded contractor, you wont find anyone willing to lend you for a construction loan. If you own a lot and plan to hire someone to build your home, then yes, that's doable.. (again, they must be licensed, insured and bonded). keep in mind that very few lenders anymore are doing construction loans... they are risky since a lot can change in the 6 months to 1 year before the home is actually completed.. values change, interest rates change, your employment situation could change, and because of the recent mortgage crisis, most lenders are gun shy.. that being said, there are a few lenders in the country still offering construction loans. you best bet is to contact a local mortgage broker and let him shop his network of lenders to find the right loan for your particular scenario.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

More info is needed, and yes the process is different. Do you have enough money to build your house? If not then yes you will need a construction loan. Will you own the lot outright , or are you looking to finance part of the purchase of the lot as well? Are you going to try and build it yourself, or are you going to hire a contractor?Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

There's way to much info missing to properly answer your question.. if you saying that you will actually be swinging the hammer and building your home, then unless your a licensed, insured and bonded contractor, you wont find anyone willing to lend you for a construction loan. If you own a lot and plan to hire someone to build your home, then yes, that's doable.. (again, they must be licensed, insured and bonded). keep in mind that very few lenders anymore are doing construction loans... they are risky since a lot can change in the 6 months to 1 year before the home is actually completed.. values change, interest rates change, your employment situation could change, and because of the recent mortgage crisis, most lenders are gun shy.. that being said, there are a few lenders in the country still offering construction loans. you best bet is to contact a local mortgage broker and let him shop his network of lenders to find the right loan for your particular scenario.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mario -- it seems from your question that you don't yet own the land. You will find that you will need to have at least 25% down on the purchaseof the land, and the more of a down payment, the better the chances of getting the home construction loan set up, as they will be looking at yourequity in the land as a base for your construction loan. There are some who will write a construction to permanent loan, but the permanent loanmay not be your best bet. We just refinanced a loan for someone who had such a situation and the permanent loan, though amortized over 30 yearswas due in 15. So you will want to find out what the terms are on any proposed permanent loan following construction, and you may have to movethrough to a refinance to get better terms.