L/O On Land, Mortgage On Home To Be Built?
I was wondering if I could approach a land owner with a lease option for a parcel of land.
What I"m trying to avoid is buying the land ahead of building the home. Then I excersize my option just before I sell the house and land.
If I don't excersize the option, then the land owner of course gets my house.
I'll need a mortgage to get the funds to build the home. I figure the home will cost me about $150-180k to build and I have $30k to use as a down payment.
So. the question is... is there a way to get a mortgage to build a house when you're doing a lease option on the land??? If not, is there anotehr way to do what I'm trying to do???
Thanks.
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