Financing question...

[Annaz]

Has anyone ever been able to finance a new manuf home, when their land cost 50% or more than their structures that were being put on their lot? Our land was $200,000.

We're having problems getting financing for our home because it isn't 35-40% more than the cost of our property. I know lenders don't want to get stuck w/the land in case of default, but geez our home will be somewhere around $160,000! And who the heck wants a house for $270,000 + the cost of the land?

Anybody know about this or is it an Arizona thing?

[Annaz]

the home will be modular, UBC code.

[Greg]

You might want to look into doing a USDA loan. I am not sure about Arizona but I have used this loan program 2 times with customers in North Carolina to overcome the same obstacle you are facing.

[rmurray]

I am assuming you are buying a very large tract of land....Most of the lenders you have talked to have rules set by Fannie Mae and Freddie Mac...2 wholesale loan sources that almost all traditional mortgage companies go to..They are geared to do primary residential properties....not farming or rural properties..

The other post mentions 1 source...You might also check out..

Agstar at http://www.agstar.com/loans/mortgage.shtml

Also..you should check with the local office of the FmHA...A government farm finance agency that does larger tracts of land...That is the Farmers Home Loan Administration...The sources are out there...keep hunting..Good Luck

[Annaz]

Thanks for the info. Will try all.

[janie]

I'm in AZ as well, aound here 200K would get you about 3 acres if you;re lucky.

[rmurray]

Maybe you could move a little further into the desert...smile

[Janie]

Maybe you could move a little further into the desert...smile


But then I'd lose my view I think RMurray is mad at me

[rmurray]

NAW...

[Bill Fry]

200K for 3 acres of desert?I gotta get into real estate!!!!!