Using Land As A Down Payment

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One product in particular is land equity as a down payment. So, let me set this scenario up for you. If the 5 acres appraises for 20k, and my loan is for 160k, and I put down 10% of real money (16k down out of pocket), how exactly does the land tie into this? Does it just mean I can get better interest rates?

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To qualify for a FHA modular or manufactured home loan, you must make a small down payment. Cascade’s FHA modular and manufactured home loans require as little as 3.5% down or land equity in lieu of this amount. As with any loan, you must prove you have enough income to afford the payments.

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The down payment is the lower of sale price and appraised value less the loan amount. It is not the same as the borrower’s cash outlay if some of that outlay is used for settlement costs. Financing settlement costs does not affect the down payment. Land can be part or all of the down payment.

FHA (Federal Housing Administration) loans allow down payments as low as 3.5 percent along with generous credit underwriting. VA Loans. VA loans require no down payment, but you must be a veteran to qualify. usda rural loans also allow zero down, but they’re limited to areas with relatively small populations and may have income restrictions.

Land-in-Lieu Financing for a Mobile Home . Today we will discuss how home buyers can use land as the down payment on their mobile home, an option referred to as Land-in-Lieu in the mobile home industry.. In the last couple of blogs we have gone over options for home buyers who do not yet own land and want to finance both their land and home into one home loan (read more on those options here.

Does this simply mean that if my land is valuable enough I simply use it as collateral and no longer require a down payment, or does this mean that an equity loan is taken out on the land and the money is used as a down payment, thus meaning I’d have the equity loan to pay on top of the mortgage?

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