Where are my mortgage guys at?

**deathgodusmc** · 08-04-13, 09:32 PM

In short im being impatient. I finally talked my wife into buying property and putting a modular or mobile home on it while we build the house i've had in my head for 20 something years. The va's website is less then helpful so i have a question. Does the va back a loan for land or land plus a modular home? I found just under 20 acres locally for 100k and it backs up to a state owned wild life sanctuary. So no neighbors even close enough for me to give a shit about and mcd's 5 minutes away. Perfect situation in my book.

**Nuckle** · 08-04-13, 09:43 PM

My understanding is that land, land with mobile homes and traditional homes all have slightly different finance structures including down payment percentages.

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**CivilWars** · 08-04-13, 09:48 PM

My bro-in-law is retired Navy, and recently bought a home with a VA loan. He was looking for a home with land, but I know the VA had rules that the home had to be a certain %, my wife said she thinks 70 or 80, of the value of the loan. Not sure if they have different rules for buying just land though.

**deathgodusmc** · 08-04-13, 09:50 PM

Thanks. Thats at least something i can try to research tonight.

**deathgodusmc** · 08-04-13, 10:00 PM

And just like that i have my answer. They will back a loan for land purchase with a mobile or manufactured as long as it is considered real property. Which means it has to be on a concrete slab.

**deathgodusmc** · 08-05-13, 03:01 PM

I just dont get it. If i had a customer send me an email saying they were considering dropping 100k but just need a few specific detail to go inspect the property im pretty sure they would have received word from me first thing in the morning.

**Warflagon** · 08-05-13, 03:29 PM

And you are not dealing with one of a hundred applicants that may or may not be serious about their inquiry.
VA ( veterans admin, I assume) can give the specifics as soon as they can. I hear they are understaffed with two war's worth of combat veterans to deal with currently.

Why do you ask so many questions of people on the internet who are not professionals in the field, with no background of state/federal laws and no real knowledge of your situation/means/resources?

I think you need a hobby, have you considered online gaming?

Love ya, all in fun, I have nothing significant to add

**Partyball** · 08-05-13, 03:48 PM

Modulars are considered "site-built" homes. You will get lower interest and insurance rates. So if you are planning on building on that property, that would not be the way to go.

Some modulars now are pretty awesome. You can have them build it however you want. So, you can have a custom built home if you wish. They even have 2 story ones. They build everything in the factory under controlled conditions (so it isn't getting rained on during the build) and once they are ready to install it, it is up in a day or 2 ready to move in.

**deathgodusmc** · 08-05-13, 05:47 PM

Originally Posted by Warflagon

And you are not dealing with one of 100 people that may or may not be serious about their inquiry.

dunno, just saying.

VA ( verterans admin, I assume) can give the specifics.

Why do you ask so many questions of people on the internet who are not professionals in the field, with no background of state/federal laws and no real knowledge of your situation/means/resources?

I think you need a hobby, have you considered online gaming?

Love ya, all in fun, I have nothing significant to add

lol to your little jabbing. I know its all in fun.

I just ask because there are some people with knowledge around here but more to the point of people toss ideas around. Like this thread i was drawing a blank for what to look for. Then civil and nuckle thru a few things out there which got me going in the direction i needed. As for the last question i asked it was rhetorical.

I do agree i need to get a hobby going. I fucking hope bf4 lives up to or is at least close to what bf2 was.

**deathgodusmc** · 08-05-13, 05:48 PM

Originally Posted by Partyball

Modulars are considered "site-built" homes. You will get lower interest and insurance rates. So if you are planning on building on that property, that would not be the way to go.

Some modulars now are pretty awesome. You can have them build it however you want. So, you can have a custom built home if you wish. They even have 2 story ones. They build everything in the factory under controlled conditions (so it isn't getting rained on during the build) and once they are ready to install it, it is up in a day or 2 ready to move in.

Interesting. I didnt know they had gone that far from what a mobile is.