I was wondering about FHA. I do own a home, but have never had a mortgage before, so I am unsure if that would qualify me for a first time home buyer?
Work at the same job for the past 12 years.
Annual Salary: $ 50,988
Two Insallment Loans both opened in February 2019
Auto Loan $9,000, never late on payments.
Self Lender $48, never late on payments.
One Citi Card CC, openened 11/2018, never late on payments-CL is $200 (secured) Pay full balance every month. Util kept 20% or below
First Premier Opened 08/2019. Not used CL$600-(unsecured)
2 CC closed/CO:
Cap1 Closed in 2018,
Credit1 closed in 2018
LVNV Paid (less than full bal.) Account started 6/2018
Midland (Paid less than full bal.) Account started 7/2018
I've been working on my scores since Feb. of this year
Follows are my scores
I am looking at buying land, and wanting to purchase a modluar home to set on it.
I would hope to around March of next year. That would give my current installment loans a total 12 months of good payments.
Heres the main questions. I found the land I'd like to purchase. I have enough sitting in retirement that I could borrowing and buy the land, right now. However, if I could get to where I could qualify for a loan, and do it all at once, I'd would prefer that method.
Once I could get this, then I would sell my current home, and use that money to pay down the mortgage.
I was just curious on some thoughts as to which route to go, wait (land doesn't sell fast in my area) or go ahead and purchase the land through retirement savings. Then once my scores are better, prequalify for the modular.
I sincerely Thank and Apprectiate everyone on all these threads!
I would talk to the modular home sales folks so that you get your ducks in a row.
Usually those packages will include installation of a well and septic system and you also need to know about ensuring you have right of way access to your property, etc. but you want to be sure you know what you are doing and are able to do what you "think" you want to do.
As long as your current loan isn't an FHA loan, you may qualify for an FHA loan, but if you already own a home, you will not be a 'first-time home buyer'.
I shall touch upon the land bit. If you can buy the land outright then it can be used as a down payment credit for a mortgage. How that would factor with you taking out a loan from your retirement savings I cannot say. As stated above check with modular builders and go from there or talk to lenders to figure out everything would work out.