i've never bought any property or a home before. the property is in wv and needs a well and septic tank put in.
2007-05-18 12:30:26 · 4 answers · asked by AMY 2 in Business & Finance ➔ Renting & Real Estate
You will need to contact a bank about something similar to a 'construction loan', which is an allotted amount you can borrow and draw against as you incur and pay expenses to complete this project.
A word of caution, however. You may not get 100% financing on this situation, since lenders are becoming more restrictive on financing of such homes, due to difficulty in resale if foreclosure occurs.
2007-05-18 12:38:15 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
the well could vary from 5k to 50k and the septic is usually 3-5thousand.
you can all these loans if your credit score is over 750 and the property appraises for the amount you need coupled with the purchase of a NEW mobile home.
Used MHs over 30yrs of age are debatable for financing, maybe 0, to 50%
2007-05-18 19:39:56 · answer #2 · answered by ticketoride04 5 · 0⤊ 0⤋
I believe that you can, seeing as how you would be "building" a house on the land. I've known people that got more money then what the house was asking for, to do repairs and such.
2007-05-18 19:39:04 · answer #3 · answered by jhitney@sbcglobal.net 2 · 0⤊ 0⤋
Maybe, if the double-wide is permanently attached to the land. Go talk to your bank and see what they think.
2007-05-18 20:19:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋