Thursday, May 13, 2010

How do I get a loan to build on parent's property in Washington State?

I have three other siblings. We are all on the will equally. Logistics to that have never been discussed. I am the only one who lives on the large property alongside my parent's home. My wife and I want to get a loan to replace our trailer with a house. Before I discuss it with my parent's and siblings, what are my options. I am confident they will be willing to work with me on this. We just don't know where to start.How do I get a loan to build on parent's property in Washington State?
You will not be able to get a loan for land you do not own, will or no will. If a loan is required it is your parents who will have to obtain it.How do I get a loan to build on parent's property in Washington State?
Go to your bank or credit union and apply for a construction home loan, or a FHA loan which has lower down payment requirements. Do get everything in writing along with your parents about building on there land, such as the land you will build could be a gift, so that you siblings cannot tell you to move, and have no rights to your property or home. Best Wishes and Happy home building.
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Is it possible to sub-divide the lot so you can get a construction loan that will not affect the entire property?
easy; visit your credit union or bank and ask what they require in cash in the bank and


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