paulsharvey
Elite Member
Wife and I have been casually looking for new house/property for about 2 years now, but going to start getting serious. We have been held back by the difficulty of buying land for a new manufactured or modular home. The bank we found that could finance said Land Only loan was 20% down, max length of 10 years. Been looking at other options, for financing.
USDA Rural Development backed loan seems like a great option, but does anyone know if the income guidelines are based on Gross or Net income? The 0% down payment would be awesome.
Also, I know you Must make the new home your primary residence within 30-60 days; can I keep the old home for a period, to fix, clean up, prior to putting it on the market? 1st home does have a mortgage, but the payment is a joke; our combined phone bills are higher then the mortgage.
I understand this type loan can be used for multiple things; land, home, mobile home ect; with less stringent max acres then a typical mortgage, but can it be used for a "construction" loan, to combine land and newly ordered manufactured home?
We have a pretty restrictive list of what we want; Land- min 5 acres, prefer more; no HOA; in same county (preferably in same school zone); water access (preferably on a lake/large pond, but wife might accept something else); 4 bed/2+ bath; if a mobile home is existing, new or less then 5 years old. In my area, land of 5+ acres is easy to find and cheap; and land on water is cheap and easy to find; 5+ acres on water is very hard to find or will cost 10x what land without water costs.
When I talked to a bank; first question was are you A: buying land; B: buying land and building/manufactured; or C: buying a house with land; they are completely different situations and until you find the place, we don't know...
USDA Rural Development backed loan seems like a great option, but does anyone know if the income guidelines are based on Gross or Net income? The 0% down payment would be awesome.
Also, I know you Must make the new home your primary residence within 30-60 days; can I keep the old home for a period, to fix, clean up, prior to putting it on the market? 1st home does have a mortgage, but the payment is a joke; our combined phone bills are higher then the mortgage.
I understand this type loan can be used for multiple things; land, home, mobile home ect; with less stringent max acres then a typical mortgage, but can it be used for a "construction" loan, to combine land and newly ordered manufactured home?
We have a pretty restrictive list of what we want; Land- min 5 acres, prefer more; no HOA; in same county (preferably in same school zone); water access (preferably on a lake/large pond, but wife might accept something else); 4 bed/2+ bath; if a mobile home is existing, new or less then 5 years old. In my area, land of 5+ acres is easy to find and cheap; and land on water is cheap and easy to find; 5+ acres on water is very hard to find or will cost 10x what land without water costs.
When I talked to a bank; first question was are you A: buying land; B: buying land and building/manufactured; or C: buying a house with land; they are completely different situations and until you find the place, we don't know...