Comments on: Land Contracts & FHA Loans

By: JR

JR — Thu, 26 Aug 2010 19:36:56 +0000

Hi,

My question today is about Home & Land real estate deals. For eight years I have been paying into a 3 bed 2 bath mobile home land and home package here in Georgia. I wanted to know if there is any way to use these types of home buying arrangements (in my case I have paid $554.00 a month for just about 8 years now= about 53,000.00) in order to help improve your credit score. I have in the past tried to apply for refinancing but most will turn you down because either they don’t service land home deals or these types of arrangements don’t have any equity buildup. Are you familiar with land and home package deals and is there anyone you might know of who can answer my questions?

Thanks,
JR

By: Brenda

Brenda — Sat, 31 Jul 2010 02:58:38 +0000

I bought a house in 2007 on a land contract. I now need to refinance or secure a first time loan for the balance. I qualify for an FHA loan, but the value of house has decreased over the last 3 years due to the recession. The houses within 2 blocks of my neighborhood have dropped about $20,000.
I s there any program or funding that might help me bridge the gap between what I contracted to pay for the house and what it will appraise for now?

By: Ginger

Ginger — Thu, 18 Feb 2010 17:04:35 +0000

Can you tell me if FHA is STILL refinancing land contracts in 2010?

By: Belinda Frank

Belinda Frank — Thu, 22 Oct 2009 18:08:07 +0000

I have a land contract that was signed and filed in 2/09. FHA says this can treat this as a refinance or purchase. Lenders are telling me that I have to wait the full 12 months before I can do snything. Wouldn’t it be the same as a person wanting to buy the house they live in. Please advise.

By: Connie

Connie — Fri, 02 Jan 2009 22:04:52 +0000

Does anyone know if you can use an FHA loan to finance purchasing land? I can’t seem to find anything specific about it.

By: lynn waller

lynn waller — Thu, 17 Jul 2008 21:50:25 +0000

When is a modular home considered in the same category as a regular home when it has stone block foundation and the electric meter is attached to the home and the roof has a 4ft. pitch with a12 inch eave and a composition shingle roof?

By: Tran

Tran — Tue, 10 Jun 2008 20:35:14 +0000

Hi,

Is there a FHA loan package program that will assist me in buying a land in rural area from a private owner and puchasing a manufactured home fron a dealer and setting on a permanent foundation build by a contractor or myself?
Thanks.

Regards,
Tran

By: B. Willoughby

B. Willoughby — Sat, 12 Apr 2008 13:35:15 +0000

Question: Will FHA loan to first time buyers for land over 10 acres?

Was told by a mortgage lender that I will not, and just wanted to look into the whys and nots.

Also if not what way should we approach found land of our dreams but FHA will fund it?

By: Peter G. Miller

Peter G. Miller — Sat, 22 Sep 2007 10:35:46 +0000

HUD says that it has issued for system or product acceptances for "Structural Engineering Bulletins (SEBs) which are issued by HUD for structural systems, such as modular housing, log homes or panelized construction, and for subsystems such as roof or wall systems." It also says such acceptances lapse after three years. If you want to finance a log home, check FIRST with multiple lenders before buying land or beginning your project to assure that FHA financing is available for the specific construction you expect to undertake.

By: Terry Minard

Terry Minard — Sat, 22 Sep 2007 00:43:36 +0000

Question: Will FHA loan on Log Homes