I have so many questions and I keep going in circles it seems. Here's my situation:
I'm just a normal person making not much above the areas minimum wage which is one of the highest in the nation. I work full time but don't pull much above 40k a year. That being said, I've been pre-approved for only 180k for a home. My dad had offered 50k as a gift to go towards the purchase of my first home. Well...this area I would be lucky to get something for $350k, so it's just not feasible. That being said, I thought why can't I get a piece of property that has access to electricity and has water and sewage? Then get a brand new mobile home that's 1100swft 2bd 2bath for 145k after delivery and installation (at least that's the one I decided I really want and would be super happy with)
I found a piece of property right in the area I want for 50k. I looked up what info I could find on the property and it was appraised at 180k, the owners passed away within the last 2 years and it's basically being sold for what it sold for before. That makes me want it even more. The listing didn't have any information really except it has access to all the utilities. I asked the real estate agent I was referred to through neighbors bank and she said the only info she had on that property is it costs a little over 17k to get all the utilities hooked up.
I had an excavator come check out the property for a few minutes for a quick quote and he said it would be about 12k to clear the land and prep it. There's a lot of trees, I want to keep the perimeter trees but would need to have a gravel driveway put in as well. It's an end lot in an HOA community that doesn't have strict rules. So my biggest thing is making sure the property doesn't have too much wetland because the area has it all over. I'm wondering if I should have the contractor from the manufactured home place (homes direct) come out to the property and do a quote. The salesman said it's $500 refundable deposit and they come to the property and tell you what needs to be done and what it would cost. I don't know what I'm doing 😂 I'm tired of renting and paying other people's mortgages.
Every type of loan I have applied for I was approved for 180k if I went conventional and put 20% down with my dad's money I still can't get anything in this area. Mobile homes with lot rent are selling for more than what a brand new one costs, so out of spite I refuse to go that route. I applied for a USDA loan hoping I could do the land and manufactured home in the same loan and I thought that's what I was approved for but apparently it's an FHA loan and the realtor told me I can't do the vacant land plus new manufactured home. I'm confused.
I guess I'm looking for insight and advice from people. My credit is 760 finally and I have no debt but only 12k in my savings and then the 50k my dad offered, but he also said he could only do 38k this year and the rest next year for tax purposes but a loan officer told me he can file a paper with the IRS to give me the full 50 . Am I being too ambitious? I could always get a different manuctured home that's 20 less. No I can't have a co-signer and I'm trying to do this alone. What if I used the 50k and just bought the land outright? That's scary...but then I would have the 175k would I be able to use that to set up the utilities and excavation on top of the home with delivery and installation? Alright that was long, thanks for reading
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source https://www.reddit.com/r/RealEstate/comments/1oi44q1/first_time_buyer_trying_to_get_land_and_new/
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