Can you get a mortgage on a property with a only a foundation on it?

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In the State od Michigan, I need to know if you can get a mortgage for a piece of property if the property already has a foundation but no actual house or structures built. If anyone knows what types of loans I should be looking into I would appreciate any help! The purchase price of the property is about $ 35000!

6 Comments
  1. Reply
    The Allknowing
    May 2, 2011 at 11:43 pm

    it’s just piece of land??
    get a loan in the bank.

  2. Reply
    smahadevan39
    May 3, 2011 at 12:41 am

    Once the land is mortgaged the superstructure will automatically be included under the mortgage.
    You can avail loan for further construction. You can also avail loan for some other purpose against the mortgage as a collateral security.

  3. Reply
    bull_rooster_aardvark
    May 3, 2011 at 12:49 am

    You could get a loan for the land only but it’ll only be like 50% of the value. Maybe you could get a construction loan to build a place (assuming you are planning on building a house there) but the money will have to go towards building a house there (it’ll be held in escrow and released to you as you incur expenses).

  4. Reply
    kemperk
    May 3, 2011 at 1:28 am

    if it is debt free, you need a construction loan. pure and simple.

    depending on where you live, you might be able to buy a full house in good condition for
    even less than 35k

  5. Reply
    Lissa Lim
    May 3, 2011 at 2:01 am

    There have been a several options for lending.just you have to choose depending on your purpose.Most people come up with bad credit for a loan.i don’t think it is not hard to get now a days with out having fair credit score.check this is place may be a help to find solution.

    http://www.bestonlineloancompanies.com

    You can get approved for an online loan on same day.i advise you to pick loan from certified lenders .direct loan is the good choice so that you will get at low apr compared to different states..

  6. Reply
    Trent Loan
    May 3, 2011 at 2:32 am

    Visit the bank and inquire about what is available for you.

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