Posted on: 30th Apr, 2009 02:00 pm
can i get financing to purchase land with a modular home on it, how much down would i need i have a 715 fico thanks
I WOULD GO TO YOUR LOCAL BANK RAW LAND IS PRETTY HARD TO DO THESE DAYS
Hi p,
You can definitely finance both the land and the modular home on it. I think you can go for FHA insured Title I loan for this purpose. You have a credit score of 715. So, you can qualify for an FHA loan creditwise. You will hve to show that you have sufficient income to make the loan payments and you intend to use the property as your principal residence. A down payment of 5% is required to qualify for the Title I loan. There are other regular loan programs as well that you can avail for this purpose.
You can definitely finance both the land and the modular home on it. I think you can go for FHA insured Title I loan for this purpose. You have a credit score of 715. So, you can qualify for an FHA loan creditwise. You will hve to show that you have sufficient income to make the loan payments and you intend to use the property as your principal residence. A down payment of 5% is required to qualify for the Title I loan. There are other regular loan programs as well that you can avail for this purpose.
beware
