Hello all my wife and I are in the process of being first time home owners!! In upstate NY
We own our land outright and are looking to put a brand new modular home on the property. The cost of the home alone is $86790 with the site work and basement being put in we need a mortgage of $113K. We really only have the land for our down payment. It has a county tax assessment of $10,000. We make right around $60000 a year combined income. 80% credit available (11K limits 1400 used) and 12K in 401K
Our Scores are 650 equifax 650 Transunion and 670 Experian- ME
Wife 615 Equifax 630 Transunion 660 Experian (experian scores came from bank when we bought or car 2 months ago)
My Questions are 1. Can we get a Construction to permanent mortgage for the amount with 0 down incl closing costs.
2. Will the use the land towards the down payment on the mortgage?
3. If we need money for closing can they use the tax credit we would get?
Thanks for all your help!
