Land as down Payment

[Anonymous]

dw and I are getting ready to purchace a new modular home but I have a few questions.  Looking at my credit report it shows I had 2 things 30 days late last february but perfect on everything since then.  Will the lates almost a year ago hurt our chances of getting the loan? Secondly we dont have money for a down payment or closing costs but we are using the Acre of land we own free and clear as the down payment it was assesed by the town for 10,000 what will the bank use as a value of the land?  Thanks for the Help

[Anonymous]

the 2 lates may be an issue, it depends on the rest of your fiel and the reason for them.  If it was just carelessness or such then it will likely be an issue (but not always a deal breaker).

You may be able to use tha land as down payment, but that depends on alot of factors (land value now, land value with new home, etc. 

You can not use the land to cover expenses such as appraisals and closing costs.  Those costs are going to add up and you will need to pay them yourself.   How much of a loan are you looking for. Also, modular homes may go a bit differently than regualr construction loans, but not in any way that may help you.  If anything, they will be more restrictive or expensive.