Posted by Barry (GA) on December 06, 2004 at 14:05:18:
Have you talked with a mortgage broker? They have access to companies like Option 1 that are not as strict as banks. I know Option 1 will go 30 yrs. Call some local mortgage brokers in your area and see what they say.
requirements for 30 yr loan on DW/land - Posted by roundhouse
Posted by roundhouse on December 06, 2004 at 13:58:29:
Are there any standard requirements for getting a 30 yr loan on a DW w land?
my local bank said they only did 15 yr loans, didnt matter how many concrete block foundations you put under it.
they loan 80% of the appraised of the purchase price whichever is lower.
they did say however that with 9 month seasoning thay would re-fi to 80% of the appraised price regardless of the purchase price.
The agant I am working with insists that with a block foundation I can get a 30 yr loan through FHA.
On the buy side, we often end up with 15 or 20 year amortization but on the refi we have been able to get the 30 year term.
Focus on the cash flow and equity capture on the buy side and then land bank the property until you can refi and pull cash. If you are able to get the longer term there it helps offset some of the higher cash you pull out of the home.