Qualified property owners (almost anyone who owns enough land free and clear to build a home) can have a home built with no money down. In the southwest Missouri area, with cooperation between Iola J. French, Broker, builders, mortgage and construction lenders you can have the home built using your equity in the land as a down payment and we will work to make the entire transaction as simple for you as possible (we can help find the lender or use lenders of your choice). The major requirement is that you own the land free and clear -- no liens (including blanket liens against you personally such as tax or judgment liens), mortgages, deeds of trust. The value of home and interest rate you qualify for will depend on your credit, the value of the land and your income. Major credit problems will need to be dealt with first. Check here for more information on dealing with credit issues. If you would like more information on building on land you own, Go here. Outside the Joplin area,email me and I will refer you to a mortgage, real estate or construction professional in your area who can help.
Don't own a lot? Buying a lot with little or no down payment and making land payments can be an effective way to save for your downpayment. The discipline of making the land payment each month puts you on the road to making a house payment and when the lot is paid for, you can build the home. But what if you want the home now? For buyers with qualifying credit and income, or buyers with additional collateral (such as equity in your current home), it is often possible to purchase a lot and build a home on the lot. And it may be possible to do it with a single loan closing. Call or email for more information. In the Joplin area, check out our Property Listings and Property Auctions to see available lots and land, some with little or no downpayment.
