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 dancinhight
Joined: 02 Sep 2008
Posts: 5
1.76 Dollars($)
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 Posted: Tue Sep 02, 2008 5:46 pm Post subject: What kind of loan will purchase property, then purchase a mo |
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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 $130,000 in cash! |
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sweeney
Community Experts
Joined: 20 Jul 2008
Posts: 131
25.11 Dollars($)
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| Posted: Tue Sep 02, 2008 5:58 pm Post subject: |
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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.
_________________
Mike Sweeney
LionSaves.com - refinance debt
views expressed on this forum are my opinion as a mortgage professional, not legal advice |
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dancinhight
Joined: 02 Sep 2008
Posts: 5
1.76 Dollars($)
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| Posted: Tue Sep 02, 2008 6:55 pm Post subject: |
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| can you advise a co. that will do that? |
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dancinhight
Joined: 02 Sep 2008
Posts: 5
1.76 Dollars($)
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| Posted: Tue Sep 02, 2008 6:56 pm Post subject: |
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| do you pay double closing cocts? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Tue Sep 02, 2008 10:12 pm Post subject: RE: |
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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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