i have inherited a house/land with no mortgage. Can I borrow against this house to build a second house on the same property

You should be able to get a cash out loan pretty much immediately assuming title has been put in your name. If you want to use it as collateral for a CP loan to build another home, the issue may be finding a comparable property with two homes on it - maybe one as a main house and the other as a guest house? And, of course you have to meet all normal mortgage qualifications. I can help: pdumouchel@primelending.com (843-619-6025) http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

You may borrow on the existing property as soon as you have title from the probate court action. The amount and terms will be based on your income, debt and credit. I can help you through the probate process, if that is not completed yet. I can also help you gain clear title, so the loan can receive title insurance, which will be required. One caution: if you will keep the old house after the new one is built, be sure the zoning will allow two houses on the property. You can reach me at 503-620-2239. If you happen to be over 62, you could get the loan without income and credit qualifying. I can help you with that, too.

Yes, since it was inherited, you should be able to apply anytime after the property has transferred into your name. You might want to reconsider adding another home to the same parcel.. it would be better if the new property were on it's own individual lot.. the value will be greater and it would be easier to sell in the future.. putting two big homes on the same lot will make it difficult to obtain an accurate value if there are no other "similar" properties in the area (IE. one parcel, two homes).. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Angela, if you and your husband live in the house as you r primary residence, I should be able to arrange an owner-occupied loan; if you do not occupy the house, then non-owner rates and terms would be used. In all cases, your daughter would have to agree to the loan, and may, or may not, have to sign on the loan documents as a borrower. The application of the usufruct guidelines would determine this. For more information, and an initial quote, contact me at primefinancial@frontier.com. I will need income, debt and credit information on all 3 parties. With good credit and income, you should be able to get the money you need.

This question is better suited for an attorney.. the assessor might allow you to build, but for financing propose, you need to prove you own the property and have full control. Because of the nature of how you are holding title, you will not be able to encumber the property. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

As soon as the title has been transferred to you and is under your name you should be able to borrow against the property.

Hi Angela, you will need to make sure your land will allow for an additional dwelling on the lot, so inquire with your local City or Town Zoning Department. After you confirm if you can build and what those requirements are, I'd suggest you speak to a local mortgage professional and/or a Bank as you can take Cash Out of your existing home to use to build the other home without financing. The lot would need to be divided prior to any new financing so that the land you plan to build on it not encumbered by a mortgage. I wish you good luck going forward!

If it's in your name you can borrow against it. But you need to check with zoning before you make any plans on building a 2nd property.

As soon as you are in title as the legal owner, you can do whatever you wish.