What kind of loan will purchase property, then purchase a modular home with almost half $$ Down!

dancinhight · Joined: 02 Sep 2008 Posts: 5 1.76 Dollars($)

What kind of loan will purchase property, then purchase a modular home with almost half $$ Down!

property-$158,000 (8 acres)
New Modular- $100,000 (4 bdr)
Site work and misc. $20,000

Have $130,000 in cash!

sweeney · Posted: Tue Sep 02, 2008 5:58 pm Post subject:

A lot loan will allow you to buy the land. The modular will require another loan that will payoff the lot loan so you end up with one larger long term loan.

dancinhight · Joined: 02 Sep 2008 Posts: 5 1.76 Dollars($)

can you advise a co. that will do that?

dancinhight · Joined: 02 Sep 2008 Posts: 5 1.76 Dollars($)

do you pay double closing cocts?

jameshogg · Posted: Tue Sep 02, 2008 10:12 pm Post subject: RE:

Hi dancinhight,

If you take out 2 separate loans, there will be 2 closing transactions. But it's better to look out for a loan offer worth the total value of the lot and the modular home.

Thanks

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