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Can someone shed some light on whether it is possible to buy a piece of land and, let's say put a new double-wide on it in one loan? I work from home and my wife and I are wanting to move somewhere rural (no need to live in an expensive city) where we can have 10 acres, a house and a barn. We have looked in some nicer rural areas (mild year-round climate, access to outdoors activities like forests nearby etc.) and have found that homes on acreage are out of reach ($300K+). Our budget is more in the $220Ks and there is acreage for sale in the same areas for about $80-100K asking price (we think we can negotiate it down quite a bit). So, we are considering buying the land and just putting a new double-wide on it - this would fit into our budget. Now, can one finance the purchase of the double-wide and the land in one loan? What are typically the terms on these guys? I have excellent credit (800s) and no bad credit history.
Contact a credit union that is local to the land you seek. My CU does land loans so it is possible. You will need 10 - 20% down payment. Also there is something called the farm credit bureau - maybe they could help?
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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A manufactured home or a double-wide trailer?
You basically are asking about a construction loan. I'm not sure most CU's will do a construction loan, but smaller commercial banks might do so. You will probably have to have a substantial amount of equity in the finished project.
Construction loans are multi-draw loans. You get X from the bank initially when the first bit of progress is made, Y when some more substantial progress is made, and Z to finish the project. Then the loan morphs into a regular mortgage loan.
just a reminder; well, septic, power hookup will probably be needed on bare property
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