What Type of Loan

[karen]

I am completely perplexed about where to go. We have a manufactured home and just recently purchased a lot with the thought that we would put the home on a permanent foundation on this lot. Who-What-Where do you find a loan that will pay for the lot to be improved (i.e., utilities, asphalt, move the home (if possible-but not mandatory). I have been told its a construction loan, its a home improvement loan, etc. but no one that offers those loans seem to offer this type of service without building a new house. H-E-L-P! Please! Thanks!

[Jim]

Try a Saving & Loan in your area. You do need a construction loan.

[rmurray]

First you will have to get a permanent loan for the home/land/improvements...Then you will qualify for a construction (also known as a bridge loan)...loan....

Conventional mortgages will require about 10% down of the total laon..plus maybe you will also have to be able to pay the closing costs...Unfortunately if you have already bought the property..the equity in the property might not be able to be used for 12 months...FHA finance does allow much smaller downpayments...BUT..they will not finance a used home in this sort of situation..

The trick will be to find the permanent mortgage..once you find that..the construction loans should be no problem..