Posted by Dr. Craig Whisler CA NV on July 18, 2003 at 21:18:05:
… if you are a good buyer and can find a mobile-zoned lot for about 65% or less of its value then you could get 100% financing from almost any hard money lender. If you pay market price you would need about 1/3 down with a hard money lender. With hard money you generally do not need any credit or job. Look in your yellow pages under loan Brokers for hard money lenders. Banks will usually finance only about 50% of appraisal with your good credit, unless you already have substantial assets. Banks are cheaper than hard money lenders. With hm, expect higher interest and lots of points. Its OK though, I’ve made many, many hard money loans and all were very profitable. Hm is also available for oldmobiles on private lots.
Check out my other posts today for discussion of buying finished lots cheaper than developing them. You can often negotiate GREAT seller terms. Do this and you won’t need to go to the bank, if you can pay moving and setup costs out of your pocket. If you are near broke, search the archives for my post on trading cheap tax-sale lots for moving and setup.
Rick, I hope this helps you, if not post again with new questions.
Regards, doc