Before you purchase the land, do make sure that it is ZONED properly so you can put the trailers and then build when you are ready. Some parcels of land are zoned in such a way that it will allow you build a home, but will not allow to put trailers, even temporarily. Check with the county to make sure you can achieve your dreams.
Also, do make sure that the land is perked for the number of bedrooms you need, has quality well/water, sewege system or alternative septic system, etc.
KELLER WILLIAMS REALTY
According to your story, your husband is qualify to apply for FHA. Even though he move to other company and there was a small gap. A letter of explanation will do it. Also the job title is not the problem at all. For the down payment and job history, FHA loan is easier than conventional loan. Go with FHA, 3.5% down payment (family's help is ok) then get up to 6% seller's contribution to cover the closing cost. Good luck and if you need any help, please don't hesitate to contact me.
This works really well to do the "land buy part". Vacant Landowners in Cali R doing this ( owner finance) now.
If you are eventually going to be able to get financing to build.
And if you pay off the land with the owner finance deal, while youre waiting for time to pass to document employment, then you will be in a good position to go to a "local" bank and use the paid off land as your down and get 100% financing on the build.
Don't despair. I'm not clear, though was there a break in employment history for you both or was one of yu working steadily?
If both of you have been unemployed, you might want to try alternate forms of finance, ie;
Owner financing (Many investors, second home homeowners and vacation home homeowners today are looking to exit the housing market and when you do get a steady job you might go to local investment club meetings or join local online investor virtual communities or run a craigslist ad to source someone who might have a mortgage free property and do the financing themselves ( Cd are paying -1% you could offer 6%).
Living with relatives can be stressful, I hope things work out for all of you!
He's really wanting to just buy land, put a couple of trailers or something on it for the time being, pay on the property as much as he can, as quick as he can and then hopefully be able to start building but like I mentioned, we're concerned about the wait if there would be one, for him to be able to be approved for any type of loan due to the change in companies.
Much appreciate all the information so far :-)