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Thread: Where are my mortgage guys at?
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- Fort Worth, TX
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- Join Date
- 02-13-07
- Location
- Fort Worth, TX
- Posts
- 42,785
- Post Thanks / Like
- Blog Entries
- 5
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08-06-13, 08:04 PM #14
Re: Where are my mortgage guys at?
Hmm so you're trying to get someone to finance the land and a modular? I've never seen a va loan for land and a modular, but I suppose it could exist. We typically lend at 85% loan to value on residential construction loans. VA loans are more flexible and I think go up to 92% loan to value. Basically assuming the land appraises at cost of $100k and you get a modular home for say $60k total loan to cost is $160k. The bank will lend only 85% the conventional way or 92% va loan. You'll need to come up with 15% or 8% as a down payment.
Again though I've never seen a va that way. What we normally see is a person asking for a construction loan , already has the lot financed and has enough equity in the lot to qualify for a construction loan. These are pitched by brokers and they usually charge a half percent an the bank will charge half percent. At the end of construction the broker will "take out" the note from the bank (payoff) and sell it to the secondary market (investors).
Yours differs because you're building the home yourself. I'm not sure I'd go through a broker yet because they'll charge you a fee to flip your loan to a bank and I'm not certain you'll get a takeout. The takeout is what gets you a competitive rate and if you don't get it you be stuck at the banks interest rate which is typically higher.
Talk to the va office first then a broker, then a bank.
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08-06-13, 08:18 PM #17
Re: Where are my mortgage guys at?
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