speaking of new houses and mortages??

[OUHOMER]

Ok, here’s the deal. I owe about $55,000 grand on my place. 5 acres and a nice new metal barn etc. the land and the barn is worth that alone if not more. The house is old and it will not pass any inspection for me to sell it. It would cost more to bring it up to code than its worth.

So how hard is it to get a loan to tear down the old house and build a new one? I think I would have to get a 70 year loan to pay for it.

What is the cost of say a $200,000.00 loan about $1500.00 a month?

[Frozen Sooner]

You owe $55,000 grand? Holy cow, man, I'd expect to get more than 5 acres and a metal barn for $55,000,000! ;)

Talk to your local bank about this deal.

[OUHOMER]

It was a very conservative guess. I live out in mustang; you cannot find 5 acres here. They are building this area up like they did in Edmond a few years back. Growing like gang busters. Land and barn may be worth more like $70 G. or more

[OUHOMER]

You owe $55,000 grand? Holy cow, man, I'd expect to get more than 5 acres and a metal barn for $55,000,000! ;)

Talk to your local bank about this deal.


lol, i just caught that. lets try $55,000.00;)

[OUHOMER]

So I guess i am asking, if I owe $55 on it and it worth $70. would that be the same a $15 down payment?

[Frozen Sooner]

Pretty much, yes. Most lenders aren't as concerned with how much money you've put down as they are the actual equity position. The only time money down really comes into play is when you're dealing with sub-prime credit deals, and I assume you've paid at least a bill in your life, right? ;)

Seriously, though, talk to local banks about a contruction loan on this one. These kinds of loans are kind of funky, so you're going to need a lot of market-specific advice.

[OUHOMER]

Thanks, I may have to float this deal past the wife. She would love a new house if we can afford it. with us paying a average of $300 a month in electrics bills due to lack of insulation poor windows and doors we could add half that to a moragte payment