What type of Loan

[Anonymous]

Hello All,

I am looking to buy a piece of land to place a manufactured home on, possibly a second as an investment if I can make it work. I have a mid credit score of 780 and my wife's middle score is 750. We have about 40k and 100k in combined income. I have been working through the pandemic, but my wife just went back to work. I am looking for some tips on which type of lenders would be a good fit for us and any other tips you may have. Looking to get the ball rolling as soon as we can. Thank you so much.

[NC_Mtg_Loaner]

If your wife's been out of work for a while (>1 month) a lender might require her to be back at work for a period of up to 6 months before her income qualifies as effective for purposes of buying a home, but be sure to check into that with whomever you are working with.

How much land does $40k purchase where you are located?  

How much does that leave as a down payment when you go to purchase a MFG home?   

Are you going to prepare the sight by installing the well and septic system or are you looking for the builder to do that for you as well?

Some MFG and modular home dealers do all of this for you, but you certainly want to educate yourself further on the process in order to determine your feasibility.

[Anonymous]

Thank you for your response. Just to clarify, we have 40k cash and our combined income is roughly 100k. I have done my home homework and have been working with some mfg/modular home dealers and I have a friend who is a real estate agent who feeds me land listings. I know what I want and what I might need to do when I purchase land, I was just looking for some tips as to what type of lender I should look at. I didn't get a response from this forum, so I did my own research and I found some lenders that do construction FHA loans that could work with what I am planning on doing. I got one of them to do a soft pull of my credit so that I could get a fair estimate of what I would have to work with and that has really helped me. One lender says 3-6 months for my Wife and another says 30 days since she is in the same industry. So now I know what my estimated budget is for land and I know all that will be needed above and beyond the actual land cost, which varies pretty drastically depending on the land. There is a lot involved to be sure. If you have any lenders that can help with a construction loan, I would appreciate a finger pointing in the right direction. 

Thanks, 

John