Financing in Echo Park>Question Details

Sgreen, Home Buyer in Los Angeles, CA

Are there 100% Financing or FHA Loans or loans with little to no down payment for New "PREFAB" Construction?

Asked by Sgreen, Los Angeles, CA Thu Jun 4, 2009

I am considering purchasing a vacant lot in the Los Angeles area to build a prefab or manufactured home. I would like to keep as much cash available for pre-construction costs (permits, soil reports, excavating, debris clearing, leveling/foundation prep, etc). I would like to know if there are any home loans specifically addressing NON stick-built construction as well as minimal (3-5%) down payment requirements or no down needed for this type of construction? I would also be interested in knowing if these mortgages can be rolled together in one for the land purchase, prefab home purchase, and construction costs or will I need three separate loans? Anyone specifically with prefab/manufactured housing knowledge would be greatly appreciated.

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Answers

1
It will not be easy to get a construction loan these days from any bank specialy for manufactured home.
You could go hard money, but it will still be hard to get a hard money investor to help you there unless you have very strong income, assets and equity in the property.
To purchase a vecant land you will need to put more then 20% down at least.

I hope you can find the right broker for that, if you want me to refer you some hard money lenders I will.

Good Luck.
Web Reference: http://homesinsale.com
0 votes Thank Flag Link Fri Jun 12, 2009
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