mobile home to land - solid income/fico

posting for my parents.
they recently paid off their mobile home in full.
they owed 50k but the lender agreed to sell it to them for 20k cash, and they did so.
the loan was showing as a short sale on their credit, was told they cannot buy a new property until 6/15/2020 while the short sale seasons on their report. they never made a late payment on the property just paid it off early for a lower agreed price.

father is a disabled VA vet (never used his VA funding) with a 770 FICO score and solid income.

wondering if its possible for them to get a land loan to buy land,move the property etc etc????

my email is [email protected]
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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161
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San Diego, California
www.loansreduced.com
Hey there,
We offer land/lot loans here at PrimeLending but they usually combo with construction and will have more strict requirements on previous derogatory events. When was the date of the short payoff?
 
K

khh

Guest
Hey there,
We offer land/lot loans here at PrimeLending but they usually combo with construction and will have more strict requirements on previous derogatory events. When was the date of the short payoff?
it was about a year and a half ago, their traditional bank said they could not get a "new" house until next year, so i was wondering about moving their property that is paid in full to some land and have it put on a foundation.drive way, garage etc etc. sorry i didnt get a email with your response hence the delay, my emaul is [email protected]
 

Ronaldmc

LoanSafe Member
Jul 10, 2019
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A few years back, I dipped to 796 for a month or so. I just happened to check for a mortgage refi at that time and was told that the best rate was only available if I was over 800. I don't think it was bait or switch either exactly, it was a genuine policy. I do remember I was able to get the best rate on a slightly different mortgage, although I don't remember exactly how.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,052
161
63
San Diego, California
www.loansreduced.com
I believe we have already discussed your scenario @ khh? Just making sure as yesterday I had to deal with a few urgent matters that took me away from the office.

Ronaldmc, anything typically above 760 is going to receive the best rates, terms, costs...etc.
 

Ronaldmc

LoanSafe Member
Jul 10, 2019
3
0
1
A few years back, I dipped to 796 for a month or so. I just happened to check for a mortgage refi at that time and was told that the best rate was only available if I was over 800. I advice https://www.boostcredit101.com/ I don't think it was bait or switch either exactly, it was a genuine policy. I do remember I was able to get the best rate on a slightly different mortgage, although I don't remember exactly how.
My fico now 860! Im f--g good!
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,052
161
63
San Diego, California
www.loansreduced.com
That's fantastic, I have never seen an 860 score when pulling mortgage/FICO model. You must be a rare bird!
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,052
161
63
San Diego, California
www.loansreduced.com
Well, I guess we can safely say that you're not the only one looking to do this.

Because they already own the mobile home it may be easier than if they didn't. Depending on where this property is located, I may have a contact of who can help install the foundation of the home. In regards to the lot/land loan, I would suggest reaching out to US Bank. They offer 24 month balloon loans on lot loans from my knowledge. That will allow them time to get the property on fixed permanent foundation which usually runs around 3000-4000 depending on the situation. Once that is complete you can get all the surveys done to consider it real property with a traditional loan.

I personally can help with the traditional loan once it comes time, but my lot loan would have to combo with construction and we don't allow manufactured properties on our construction products.