gravelgirl66 Posted November 26, 2004 Report Posted November 26, 2004 Hi, do you know if it would be easier to try to get a loan for vacant land say 5 acres or to try to finance 5 acres with a Manufacture home on it already?Going through CH.7 and I know it won't be atleast this year, but I am trying to plan for the future.Also I bank at a credit union does that help? I know my credit will suck so bad after BK> but I will work hard to rebuild. I just didn't know if it would be better to try to buy land, get that paid for then try to build or purchase MFH.Can ya'll help?
amortgageman Posted November 27, 2004 Report Posted November 27, 2004 Financing for unimproved land is much more difficult to obtain than improved land (with home), at the credit level you indicate.You could possibly try to negotiate a land contract purchase with the owner of the land, which will help you build some equity while you are restoring your credit. Try to negotiate a three to five year contract so that you will be covered long enough to fully rebuild your credit.One note to consider, manufactured home financing is not as readily available through many of the subprime lenders, and downpayment or equity is usually required.
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