we are looking to buy a new mh to be put in a park we will own the home but only rent the land we have only found 2 mortgage companies that loan money in them situations can you send us names of mortgage co. that deal in new jersey in which this situation.
Thank you,
Jeffrey Campbell
financing
Re: financing
I believe what they are talking about is two loans - a construction loan first, to pay the existing mortgage and the builder and pay for site improvements, then a second, final conventional mortgage, which pays off the construction loan. If you can find the right lender, you can save $1-3K by having something that rolls into a conventional mortgage. Otherwise, you pay two sets of closing costs. We did that - I didn't look hard enough - so I paid 8.5% on the construction loan (the higher rate reflects more risk) and 5.75% on the final mortgage. Ask them to clarify whether they mean what I'm saying here.
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