How do mortgages for land and custom homes built on the land work?

There are so many different ways this type of loan will work, it's hard to just say... do you own the lot now or are you purchasing them both separately.. If you do own the lot, is there a loan against it.. Are you building the home yourself or is a contractor doing it.. is it in a subdivision or rural lot.. How large is the lot.. Greater than 2.5 Acres.. Greater than 5 acres... just way too much info missing to properly answer your question.. if you to know for sure, you should contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Hi Jill, I have a question for you, are you going to do the work your self or have a contractor do it for you? It is best to work a local lender, so they can monitor the progress of the loan to see if is being completed and if it is on schedule. Call me for some help in your area 888-264-7692.

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