land home package

[Trish]

Please explain to me how a land home package regarding a mobile home works in Texas. Are there pit fall I should be aware of? What at the most common mistakes made and what questions should I ask?
Thanks

[rmurray]

"land home package"...I never understand why our industry has to make up new terms that are not traditional home buying terms..

"land home package" is nothing more than a mortgage..that will finance the land..improvements that are permanent and increase the value of the land..and the custom built home..

There are many different kinds of mortgages...for instance..VA...FHA..(which is common in the indusrty..it has a very low down payment requirement and can work with little or no credit)...conventional...subprime for those with rough credit..Each has a different cost..different fees..different terms...different down payment requirements..different interest rates...

What is best for you all depends on your situation...do you own the land...how much down can you afford..your credit rating...hopefully you have a good salesperson who can lead you through the maze of possible programs..

[Lady Winston]

To whom It May Concern:

Do you have any idea where I can find any information e-books or other books wriiten spefically on how to purchase and finance a land and mobile home purchase

[rmurray]

The bookstore on this web site has more than one book that would serve your needs...click on this link..

Manufactured Housing Book Store

Or go to the icon to the right of this post titled bookstore..

[Linda]

Trish:

I am a LAND-HOME specialist!.

I am a licensed realtor with a local Bryan-College Station, Texas RE/MAX real estate firm and I am also a LOAN OFFICER for United Lending Partners, LP out of Irving, Texas.

I have been involved with the land-home business since the concept began about 2 years ago. There are many advantages to being able to COMBINE the purchase of a manufactured or modular home with IMPROVEMENTS (the water requirement (either connecting to community water system if available to the area or drilling a water well), a septic system, the foundation requirement under the home depending on rather you go FHA or Conventional Loan, all connections and clearing the space for the home on the land is also included.

It makes it possible for you to have a great residence and a 30 yrs. mortgage!

Under FHA ( a federally backed program) you do not have to much of your own money to come to the table with for down payment and closing costs. They can be put in the loan under a legally recognized program mandated by Congress known as GIFT FUNDS. You just add the amount you need and add it to your loan amount. As long as the property appraises for the required amount, your home free! We have our own in-house Gift Fund program. If you qualify for the loan - you automatically can use the Gift Fund Program. You do not have to work with a certain county or city area that is handicapped by a short supply and variable times that they have assistance funds available. Ours are available everyday! You can also receive the gift funds from a family relative.

Even if I am not located in the same town or city as you, we are licensed in several states, and Texas being one of them, and I can assist you with your loan.

FHA in this area has a loan limit of $160,786 and generally will fit most land-home purchases. Our maximum acreage we recommend for financing a land-home package is 40 acres because of appraisal value problems (meaning there just isn't much for the appraiser to have for comparable sales to come to value as after you get above 5 acres, many areas substantially devalue the additional acreage to agricultural value. The smaller tracts are a much higher value and makes the loans easier to close.

Please give me a call if you would like to discuss things. My number is 979-575-8737 or you may email me at [email protected]. We have a website at:

www.ulphomeloan.com. You may also find some info that is helpful there.

We can pre-qualify you ahead of time before you go shopping and make things go faster. We are able to work with challenged credit and assist you with credit repair when necessary and say yes more than the other guys!

Give me a call - Hope the above will get you started.

Linda

[Linda]

Murray:

I am a realtor, loan officer and land-home specialist!!!!

Are you a lender rep of some type or sales or a dealer? Please email me and advise.

Thanks,

Linda

[Linda]

I am a realtor, loan officer and land-home specialist?

Please email how to reach you so we can speak personally!

Linda

[Dan]

I have a land parcel in Az. and I'm ready to start the process of finding a builder. I have been approved for a construction loan. What services can you provide or know of a company that can help with the permits and the build?
Thanks Dan

[tim]

do not get caught up in illegal appraisals as we have a scandal here in n.c.

the banks were lending more money than the packages were worth.. it all originated at the mobile home sales lots.... always follow the lending rules...

[rmurray]

Sorry Linda...but you have a lot yet to learn....

"Land Homes"...mortgage finance..has been available for many years...I did my first mortgage loan in 1979....and have done hundreds of these over the years...

Mortgage finance and manufactured homes has been being done for many years...3 years ago...home only finace pretty well disappeared as far as low rate 30 year finace is concerned...Expecailly for those with rougher credit...

The web master here would be happy to help you advertise your services...This is a good site to get leads from...e-mail him and let him help you with your business..