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Can I use my land as down payment for a construction loan?

If you want to get a construction loan but you already own the land, can you use it as equity or a down payment? In this video, I dive into the topic of construction loans and explore the possibility of using your land as a down payment. I address various scenarios, including owning the land for less than a year and owning it for over a year, highlighting the differences in loan calculations. Construction loans differ from traditional loans, operating on a "loan to cost" or "loan to value" basis. I illustrate these concepts with real-world examples, discussing the implications of land value and cost on loan eligibility. If you're considering a construction loan and want to leverage your land, this video is a must-watch. Looking to buy or refinance in WA or ID? Call/Text: 206-999-6941 Email me: [email protected] Schedule a call with me: https://calendly.com/clevelandstreet Check out our website: https://www.clevelandstreet.com/ NMLS 1902724 | Equal Housing Opportunity #realestate #mortgage #finance