What type of loan should I apply for?
I own land, with a tax value of 35k. I cash purchased a single wide manufactured home, and installed a septic.
I’ve been renting for 5 years and doing this slowly. Recently was laid off and my new job has my income drastically lowered. So now I need to get this single wide set up on a permanent foundation and have a well drilled, so I will have permanent housing. I’m out of cash to do this myself.
What type of loan should I apply for ? I have searched a rural development loan, but it states I must be unable to secure financing from another lender. I have yet to apply anywhere else because I’m unsure what loan to apply for. I don’t want to apply for multiple loans and lower my credit score.
I have budgeted to finance between 15-20k
My credit history is 3 years old, with a car loan paid, revolving new car loan and a credit card.
My new job is in the same field, which I’ve been in for 7 years. I have been on this new job for 3 months. I was laid off for 3 months before finding this new job.
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4 comments
Debdeb on June 23, 2010 at 8:27 am
Well, my company doesn’t do any moho loans except reverse mortgages anymore. But here’s what I can tell you from the past.
You have real estate (the land) and personal property (the structure). We would have only been able to finance it all together if it was already on a permanent foundation and the county and state considered it to be real estate. You’d have a HUD tag on the outside somewhere, would have surrendered the title to the state in exchange for an affidavit of attachment (or some similarly worded certificate) and are paying real estate taxes on the land and structure. In other words, we would have refinanced an existing moho that was already real property. If you bought a new one and the deal would front the cost of installing it on a foundation, attaching the utilities, etc, and then get paid back as part of the refinance, we could have done that. But the way you are right now, there’s nothing we would have been able to do for you. Now, we don’t do them at all. We also don’t do cash out loans on "vacant" land. You have a moho, but to us, it’s still vacant.
What I would do would be search for manufactured home financing, and see what companies come up. Greentree was a big name a few years ago, but I don’t know if they’re in business anymore. I’d also call my current bank or credit union and see if they could help me. Having a new car payment and a reduced income isn’t going to make this easier, so start with people who already know you and that you do pay as expected.
. on June 23, 2010 at 8:27 am
No one is going to give you a loan if you are laid off. How you going to pay it back?
spalmer on June 23, 2010 at 8:27 am
When you’re applying for multiple loans of a similar type… your credit score only gets hit once (like you’re only applying for one loan). You can apply for as many loans as you want within 30 days without worrying about your score, provided they for the same item (i.e. – shopping for mortgage loans or car loans). Is your new job in the same field that your previous job was? How long have you been at the new job?
Reece Cook on June 23, 2010 at 8:27 am
http://loan-seeker.info/car-loans/ has different car rates for loans even if your credit is not that best.