can I use land as collateral to purchase another home

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can I use land as collateral to purchase another home

jameshogg

Posted on: 13th Oct, 2010 06:41 pm

Can I use land that I have purchased to buy a house in another state?

Total Reply : 2

Hi rosaliemarcus,

You can take out a mortgage using the land as collateral and buy a property in some other state. I don't think there would be any issues in this regard.

Thanks

jameshogg

Posted on: 13th Oct, 2010 09:37 pm

Yes but, you will have to find a portfolio lender that offers that product. It's far and few. I will do some research and reply once I have results.

tfaulhaber1

Posted on: 14th Oct, 2010 02:39 pm

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