Can I use a HELOC to build a new home? or Construction loan.

[Christian Requejo]

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

[Taya Larsen]

Hello, my husband and I are currently in the same situation as you when you posted this and I was wondering if you ended up using a heloc to fund your new build? If so, can you give any advice or list of pros and cons. Thank you!