Posted on: 02nd Sep, 2008 05:46 pm
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!
property-$158,000 (8 acres)
New Modular- $100,000 (4 bdr)
Site work and misc. $20,000
Have $130,000 in cash!
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.
can you advise a co. that will do that?
do you pay double closing cocts?
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
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