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
Financing Help
Re: Financing Help
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.
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.
Re: Financing Help
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...
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...
Thanks Gentlemen.
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.
$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.
Who is online
Users browsing this forum: No registered users and 80 guests