Newbie with loans and confused on requirements
My husband and I are buying a mobile home and a piece of land. This is our first time so we don't really know how this works. We can get $10k from my husbands 401k to use as a down payment. I don't think we have enough for closing costs and was wondering if there ar e grants we can apply for to help us out. We have a local credit union offering help but they are asking $20k since they consider it a new construction loan. TIA for your replies by gloria169 from Houston, Texas. Apr 19th 2023
Dave Skow (daveskow)
#1 ranked lender in Washington - 455 contributions
if you are looking to put the mobile home on the land it will be considered a construction loan ...there are not many lenders able to do these loans on mobile/ manuf homes .....so it sounds like the local credit union might be your best bet .....also DPA ( down payment assistance ) programs not normally applicable for construction loans
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Mortgage lending rules don't always make sense, but the situation you describe will be considered a construction loan. As such, the down payment requirements are usually higher, and there usually isn't any assistance available. I don't lend in Texas, so maybe there is something available there I am not aware of. I lend for homes in MN, FL, WI, IA, ND, and SD. Find me at SaintPaulMortgageBroker.com | Cambria Mortgage, NMLS 274132
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