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What kind of loan do I need to make this work?

We were originally looking to build, and own 3 acres. However, the prices have been astronomical it’s making me nervous that we won’t be able to afford building (right now or ever).

So we looked at a house in the neighborhood we want to be in that’s been sitting for 200 days. It needs a lot of work, mostly cosmetic. However, because I stay at home with our children. I don’t think we will have enough ‘income’ to qualify. Even though we own our current home outright and it’s worth the approximate value of the house we are interested in purchasing.

We also have virtually no debt besides one small car payment a month that’s almost paid off. We have cash in savings bonds (that comes with tax implications), savings, roth, 401k, mineral rights etc.

Is there a way we could pay the difference in equity of something we own? Or a bridge loan? Do I have options?

Am I better off trying to get financed through a credit union? Once we sell our current home it would be an almost even trade off, but I don’t want to sell our current home (it will definitely sell) until we secure another home.

submitted by /u/pbnjealousss
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source https://www.reddit.com/r/RealEstate/comments/vglq5l/what_kind_of_loan_do_i_need_to_make_this_work/
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