Financing in Golden Valley>Question Details

Kevin Morris…, Home Buyer in Toano, VA

why was i told by several agents in golden valley, az, that i needed 20% down, to buy a dw on a couple acres? is it the same with site built homes?

Asked by Kevin Morrissey, Toano, VA Tue Mar 15, 2011

i wanted to use va or fha but was told they did not go through for homes in the area, even if they were site built. should i look elsewhere, or is it the same everywhere? is this info correct? thanks.

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Spirit Messingham’s answer
Honestly, you need to be speaking with a lender as they are the ones loaning moeny. The agents are right, much harder to buy land or build a new build for many reasons. Simply put, the lenders don't want to lose more money on a new build when there is so much inventory available at the current pricing. I strongly urge you to speak with a lender first before you buy any land. I had a client who had the same thoughts, bought the land and then after ward was upset when he couldnt get a loan to build on it. I honestly don't like being "right" in those situations when it means my clients lose money.

Most conveintional loans will require 20% on land, but my point is you need to be speaking with a lender about that, not agents. Best of luck.
0 votes Thank Flag Link Wed Mar 16, 2011 I'm not familiar with your area. Attached is a link to a mobile home financing broker. Drop Francis Monaco an email. If he can't help in your state, perhaps he can refer or direct you to other resources.
Web Reference:
0 votes Thank Flag Link Tue Mar 15, 2011
this was confusing. I cliked on the link and no way to E that person -turns out it's u, not the lender. Put HIS name in a link.
Flag Sun Jul 8, 2012
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