Posted on: 15th Apr, 2010 06:52 pm
I am considering purchasing a small stick-built home on 1.25 acres. I will finance 96.5% of the purchase via an FHA loan. In 5 years, I would like to sell that house, moving it off the property, and build a larger custom home on the same property. Since the original home and the lot wil be financed together, and therefore subject to the same bank lien, how would I sell the small home to be moved without paying off the entire original loan? Any insight is appreciated.
Hi nola!
Welcome to forums!
It will be difficult for you to sell off the small home and have it moved away from the land. The collateral for the entire loan would be changed and the lender may not allow you to sell off the property.
Sussane
Welcome to forums!
It will be difficult for you to sell off the small home and have it moved away from the land. The collateral for the entire loan would be changed and the lender may not allow you to sell off the property.
Sussane