Applying for two different mortgages at once

[Anonymous]

My question is can I apply for an FHA loan for a Mobile Home, and an FHA loan for a "Sticks and bricks" site builte home at the same time? We are at a crossroads of which way we want to go seeing our income isn't spectacular by any means. Only 36K a year since only one of us is working at the moment. We own 3.5 acres which we were trying to sell but hasn't sold yet. So we were thinking of putting a 2200 sq. foot mobile home on it. Living there for a year and package selling it. Or just applying for an FHA loan, get a home around 125K or less and go this route. We've seen some beautiful homes in Palm Coast, FL for this price as the market there isn't all that great so prices are pretty good. Any thoughts? Can I apply for both or is the FHA loan approval for both? The reason I asked is because it seems that you can get more home in a Mobile Home for cheaper, than a site built home. The only debt is 1 credit card at $25 month and a $460 per month SUV. And no lates over a year on credit. Only 1 negative that's falling off later this year.

[StartingOver10]

You will have more success selling the sticks and bricks home than the moble home in Palm Coast.  I am a little further south (West Palm Beach) so I can't give you details, but contact a local agent to you and have them perform a market analysis for each type of property you wish to put on the land for the neighborhood in which the land is located so you can make an informed choice.  Or contact an appraiser and have them provide an appraisal for each type.  

Then get your figures for building each type and determine which will work best.

Remember to keep in mind that the hurricane requirements may hurt selling a MH in FL. I know in my area it is difficult to sell anything other than CBS type construction. The Realtor in your area will be able to give you neighborhood specific information that may help you with your decision.