Can I package a land and house loan under USDA loan? We are thinking of buying a lot that costs 30K and building a modular home on it (200k)?

Asked by Ames Dado, Closter, NJ Mon Mar 20, 2017

We were preapproved for 300K but realized we may have to go through the USDA loan route. Would we need to get another preapproval?
Areas we want to buy: Montgomery Township, Princeton, West Windsor

Help the community by answering this question:

+ web reference
Web reference:

Answers

1
Gregg Pomeroy, Mortgage Broker Or Lender, Branford, CT
Mon Mar 20, 2017
Hello, I'm a mortgage professional.

There is a one time close construction loan that only requires 3.5% down payment. You would close on the land, construction loan and your end loan all at once.

You don't even have to make payments on the loan until the construction is completed.

If you have any other questions or would like help with this you are welcome to get in touch with me.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more