Ask A Broker | May 2018


My parents are ready to buy a home, but my mother wants to buy the land and build their home. Are there programs that can help buy her land to build her home? Is there a possibility for a first time home buyer to buy land to build or is it easier just to buy a home that is already built? 

— Rosa Machuca

Excellent question Rosa. Like almost every financial question asked the answer is, it depends. Programs that would help you buy the land and build a house on it might be available through a farm bureau that is looking to help a farmer with his crop. For a first time buyer I think it would be more difficult to try something like this. If your parents have the ability to pay for the land cash then they would own the land and could probably get a loan to build a house or get a manufactured home put on the land. This option always sounds nice but takes both access to money and some knowledge of construction. If you have the ability to get a small down payment, anywhere from $10K to $20K then buying a home already built on land is the easiest and less costly way to go. 

I hope I answered your question. Please feel free to write back or have your parents call me if they have further questions or would like to get qualified for a home loan. I'm fluent in both English and Spanish.  

Sergio Angeles