Vacant land wrap in a mortgage with new mobile home

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  • Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
    4y

    Is it non-owner occupied, if so a hard money loan or a ground up construction loan via hard money lenders would be your easiest and quickest way of doing this loan. They typically will will do between 75-90% of LTC or loan to costs. That said, due to the economic conditions of our country and super high inflation and the resulting higher push on interest rates these days, there are some lenders that have already pulled out of ground up construction and others will follow soon, so if you are going to do it, you better get on it before you cant do it.

    If it is owner occupied, then you would just do a normal construction loan. You can do these with VA and USDA at 100% of LTC or FHA at 3.5% down payment of 96.5% LTC or Fannie / Freddie at 95% LTC or 5% down payment. The typical debt ratio is 50% max except for FHA which is 56.9% and VA which in certain circumstances has no debt ratio limit other than what the AUS or automated underwriting system determines is the max. debt ratio allow based on the individual strengths and weaknesses of the loan file package?

    I hope all this helps?

  • San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    4y

    @Ivan Henderson You may want to check with a few mobile home dealerships in the area. They may have some insight and referrals, should you need it. 

    Also, you may want to contact a few small, local banks and credit unions to see what they can offer. Other avenues you may want to look into are private lenders and/or bringing in a partner. 

    Hope that helps! 

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