New home construction loan

[kball64]

Hello.  This is question for our resident mortgage experts...

Earlier this year my husband and I purchased a little piece of land in East Texas on  a 10 year mortgage.  We want to build our retirement home out there and are thinking about doing it sooner than later.  Is it possible to get a new home construction loan if it's not owner occupied?  We wouldn't be able to permanently move out there for at least another 8-10 years but  want some place to stay on the weekends and use as a vacation getaway.  Also, I am curious if it's possible if after the construction is complete, to refinance the property mortgage and the new home into one mortgage.  We own our current home outright and would sell it and put the proceeds of the sale towards the new home/property once we're ready to move.  We've never done anything like this before and are still in "thinking" stage so would welcome any advice!

Thanks a bunch,

Elaine

[MrChairman]

You could get a construction loan to do this. A local bank or credit union would most likely be willing to work with you more on this type of loan than a big bank.