Financing Help

[Bill F]

I have found a beautiful lot in a country setting that has an existing MH on it. The MH is in very poor condition and my plans are to replace it with a new doublewide.

The lot and home I want will total around $130,000 and I intend to put down $70,000 from the proceeds of the sale of my current home.

I have a good 35 year credit history and my fico scores is 748.

What would be the best financing I could expect to obtain?

Bill in southeastern SC

[Bill Fry]

Southteastern SC transalates to Jasper county?
130K seems a bit steep unless you're got more then a few acres.If it has a mobile home all ready on it which is junk then you're just buying the land anyway.Get a current appriasal on the property before you proceed.Anyway with 70 k down and your good credit simply buy the lot,finace thru a bank for 10 years and then order your new home and refinace the lot and home into one morgtage.I dont see a problem with this.,Low interest Fannie Mae or Freddy Mac morgtages should be possible.

[rmurray]

Your a lenders dream...Go for it..

I agree with Bill...I am not totally familier with Jasper County...but sounds high to me unless there is a large acreage involved...The appraisal suggestion makes sense...

In Aiken County...East central SC...you can get really nice horse country property at 10 acres for about 25K...

[Bill F]

Actually the lot is less than one acre and is situated in lower Charleston county. We negotiated a price of $52,000 for the lot and with the upgrades to the home we like and improvements to the lot ie: fencing, poured drive and patio we will be close to the $130 figure.

$52,000 does seem pricey for what it is, but we are within 500' of a county boatlanding on a deep water creek within 20 minutes of the ocean.

Once again, thanks for your input.
Bill F.