Big Advantages For Homebuyers With Land/Home Purchase Financing
Land/Home Purchase Financing is an excellent option for those who seek to buy property and a new home. Purchasing property and a new manufactured or modular home at the same time can offer buyers some significant financing advantages.
Because real property is involved , a better mortgage may be arranged with a conventional mortgage. Land/home buyers can often save thousands of dollars compared to “home only” chattel loans. Conventional loans require more documentation and a more detailed process, but the money saved with available lower interest rates may be worth it.
The amount to be financed will be based upon separate and combined appraisals of both home and land. Out of pocket costs, or securing a construction loan to cover the expenses of preparing the site to accept the home may be required.