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Updated over 2 years ago,
Can I use a HELOC to build a new home? or Construction loan.
Good afternoon, everyone I hope all is good. My wife and I need a bigger home and we have an opportunity that presented itself. A very good opportunity and it just makes sense to build a new home on this lot since our family continues to grow. The only way I can access is money is through my primary residence and doing a HELOC. Will the banks allow me to use the money to build a new home? After the new home is built, I plan to sell our primary house. Or is a construction loan a better way of accomplishing this?
Thank you