land- home package?

[Nell]

we are purchasing 16 acres contract for deed. we own a singlewide that is paid for but are considering purchasing a new or preowned doublewide. we have been told that by law we must tie the land note to the house note throught the same lender.later we were told by a different seller that because the land is contract for deed we do not have to go through all of that because the title is not in our name.
we would like to know if that is true so that we, not the home dealer,can decide how we want to do it. can anyone help?

[rmurray]

My guess is that you are in Texas...Hopefully some one here knows more than I...

But...my guess is that your land contract is at 10 to 12% and if you finace the home alone..you will pay at least 9% on the home...Why in the world would you want to spend so many thousands more for interest than be going with a proper mortgage...

Be careful of what the sales person selling the home only says...all he is trying to do is get a quick commission check..he is not concerned about your long term financial health...

[Dwane]

I am in Texas with the same question, I will give you a hint. Ask your questions concerning financing to a lender or attorney that you know and or can trust. $45 for a visit with an attorney has saved me thousands.