Does anyone have information on getting a mortgage where you use a piece of land for the down payment?

The land is paid off and we are trying to find the best and easiest way to qualify to purchase/build a home.Does anyone have information on getting a mortgage where you use a piece of land for the down payment?
In a construction loan, you can use the portion of equity you have in the land towards the total ';finished'; value. Basically, your down payment is within the land that is already payed off. I specialize in commercial/construction loans if you'd like to see about getting an approval, let me know.





Some basic questions:





-Do you have plans already


-What is the zoning of the land


-what are the total construction costs


-Do you have permits


-Where is the property located


-what do you estimate the value (completed) to be


-Are you and your significant other employed/retired %26amp; what income/how long on your jobs


-is the property in a rural or urban area


-what is your credit situation





These questions should be enough to get some accurate figures for you.Does anyone have information on getting a mortgage where you use a piece of land for the down payment?
I would consult a title company about a ';like-kind exchange';. This is where you exchange a piece of property for a similar type of property, such as real estate for real estate. Your are then able to defer the gain on that property. This is accomplished by using the basis on the old property as the basis in the new property. However, the property must have been held for business purposes or investment purposes. So the land would be disqualified if it was the site of your personal residence. If the transaction qualifies for the exchange, finding a mortgage would probably be simple because the loan amount would be for much less than the value of the property.
There are seveal companies around SC that do that but I don't know if they are nation wide. I know Jim Walter homes is one. They will build you a home on your lot and use the land as collateral. The newer homes look pretty good. I have one that is 20 years old. The value has gone up 4 times the initial investment so it must be ok.