Can I get a mortgage on a paid for house I just had built

[Bobby Barlow]

My wife and I sold a business and moved to Florida where we bought 5 acres and had a house built for roughly 220000 for the house and 35000 for the land. We moved in about a month ago. I got a new job about 3 months ago I only make about 2000 dollars a month. We have a 550 dollar car payment and no other debt. We paid cash for the house. We will owe about 40000 in income tax from the sale of the business. We owe 22000 on a car and we would like to have a driveway built that will cost 11000. we would like to get a 75000 mortgage on our house which is valued between 250k and 300k to pay the taxes car and driveway off) We bothe have good credit (750 - 800) can we do this? I red somewhere about having to wait six months. Is that true. Please provide info if you can thanks in advance

[Marelyn Valdes]

Can you get a home equity line of credit and use that?

[Carlos Tavares]

call your bank and see if you can get a heloc,with no mortgage it shouldn't be a problem 

[Bobby Barlow]

We would like a longer term loan with a small payment for now. Ideally we would like the payment to be about what our car payment is now. we were thinking a 20-30 year fixed.I do anticipate us paying it off much sooner but am not sure. As I understand it a heloc has substantially larger interest rates.

[Carlos Tavares]

Ask your bank about refinancing options since you don't have a mortgage 

[Bobby Barlow]

We are definately going to do that . I just asked here b cause I know ther are many knowledgeable people here and thought they could steer us in the right direction

[Chris Haas]

My heloc is at prime 3.75 with bbt.  I think that would be a much cheaper option.  My heloc has a 10 year draw period, and I believe after that, it's another 10 to pay it off.  I really think a heloc will be cheaper, less paperwork, and faster to execute.

[Chris Haas]

I should have mentioned it's a variable rate tied to prime but can be interest only payments if you want to go that low.

[Tim Harris]

Yes, there is typically a 6 month to 1 year 'seasoning' required on traditional home loan products. We bought our second investment property cash and tried a HELOC to fund the rehab only to find out that they were not available for non-owner occupied and would require 6 months of ownership if we did live there. We think a cash-out refinance will have the same requirements.

[Steve R.]

Try a small home town bank or credit union. The small bank I use only requires that the county show you as owner on the title. There is no seasoning period with them.

[Eric Brickley]

If you can document that the money used to buy the land and pay for the build was all yours then you do not need to wait 6 months. The 6 month waiting period mentioned by other posters is if any of the money was borrowed. What you are seeking is termed "Delayed Financing". In the very hot Boston housing market homes are sold to cash buyers who after winning the  bid with no mortgage contingency come to us after the closing to put financing in place. But that isn't your issue. If you are only making $2000/month and have a $550 car payment, once i account for the prop. taxes and insurance on the home, I don't see that you make enough income to support a loan. To be sure you could call a local bank. Good luck !