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hello

we want to buy the property we live on but it has a older mobile home on it. but we want to build a new house on the property what are the options for loans

jasonredding · Posted: Tue Nov 27, 2007 1:45 pm Post subject:

Are you living in the mobile home now?

The best case scenario would be to do a construction to permenant loan. Unfortunatly in todays market they are getting a bit tougher to do.

What you will need to do this is:

Good Credit
purchase contract for property
General Contractor (can't be your self)
Home plans(blue prints) Stamped by architect
Appraisal for future value
well/ septic or town hook up contracts

a good broker will set you up with an appraiser but you will have to have your own home builder.

The bank will also want to know where you are going to live during construction and if the mobile home is the place they may want to make sure it is torn down before you get a Certificate of Occupancy for the new build which may leave you homeless for a little while.

The best thing to do is contact a good mortgage person and see what all your options are.

Caron · Posted: Wed Nov 28, 2007 5:55 am Post subject: RE: loans to build home on land

Hi Chevy,

If you wish to build a house on the land you own, then as Jason suggested, you will be better off taking contruction-to-permanent loans. Such loans are available at low down payments even and once the constrcution phase is over, either you pay off the loan or else, refinance it into a permanent mortgage. That's how it works. For the details, check out what a Construction-to-Permanent loan is all about.

good luck

jenkin7 · Posted: Wed Nov 28, 2007 6:28 am Post subject:

Hello Chevy,

I agree with Jason.

You may go for a construction loan for the initial construction period and can then transfer in to a proper mortgage.

Do you want to keep the mobile home even after the new construction?

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