Loan on Land Only before buying home

[Tracy]

If I buy a piece of land with the intention of putting a manufactured home on it in the next few weeks/months, how does the loan process work? Will anybody lend me money for the land ONLY and then wrap it into a land/home package when I pick out a house, or do I have to put the two together before applying for the loan?

[rmurray]

There are a few companies that do land only finance....Litchfield Finance comes to mind...Look for them in the Yellow Pages here...
Also...most land sellers will do owner finance for a few months..
But...from what you say "next few weeks/months"...a construction loans for the whole purchase should suffice..Most construction loans are good for 4 months...and they take at least 4 to 6 weeks to close..This totals nearly 6 months to move in date....

[Cindy]

This construction loan business is the craziest junk i have ever been through. First we got pre approved. Then we found our land and got a purchase agreement but the land agreement only gives you 30 days to get a closing date for the construction loan. Ha Ha. Then the next step we took was to spend the whole month trying to get the dealer, the dealer's contractor and the township to all do what they were supposed to do, get figures, get perk, get ordinances. No one would do anything unless we daily called and made them do their jobs. We have had to go to the dealer regularily just to get them to return phone calls. We have finally got a sort of quote. What they originally stated it would cost us $160,000 to get what we wanted has now turned into $211,000. Every time we got there they have forgotten to add something in. I am carefully looking at all figures for padding. They say salesman type things like "Its good to go higher estimate on the mortgage incase we find something unplanned for" and "You can always back out at this point". I have been baited and switched to death.
Now we are going to submit this higher price to the bank but it may be for nothing because the land agreement is up one full month before we will even get a closing. The realtor is considering an extension, but land goes fast around here and he has offers.
Unfortuately, there are only two big comanies that do land loans, suburban and little valley. One is too high priced and the other is the idiots that we are going with. This is heartbreaking.
I wonder if they will be able to actually build it without us doing it for them.