Is there a product out there that will take care of land, plus a relocate/remodel/construction scenario? Which bank offers this? I'm getting nowhere!

We're trying to buy land that is under priced by $7000 and want to have a cabin moved from Kentucky to it and remodeled. Also, we're going to have to get septic system, electric etc. there as well. We have money down, just not 20%. Is there a lending product out there that would do our loan of $50-$60K total, with 5-10% outta pocket instead of 20?
(0) | asked by: james nix | share | 2 months ago | Report
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answer by Tammy Goolsby    |   Contact Me
Compass Bank has a product that will cover your needs.
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answer by Sharon Wayman    |   Visit My Website   |   Contact Me
check with Farm Credit Bureau, they may have a rural loan.
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answer by Tina Renee' Johnson    |   Visit My Website   |   Contact Me
A construction loan would be the product to answer this question. Most lenders would require a minimum of 15% down payment.
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answer by Janice S. Jones    |   Visit My Website   |   Contact Me
James - you can contact my lender directly. He has a way of figuring things out - Jim McVey, Primary Residential Mortgage I cannot include his contact information in this answer but if you will contact me through my profile page I will be happy to get you in touch with him. Good luck with your move!
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Hi James, We offer One Time Close Construction Perm loans for Conventional, FHA, and VA, but they would be for new construction only. You would not be able to move an existing structure from one location to another. It is only for actual ground up construction. I do not know of anyone offering that type of a mortgage product.
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answer by Janice S. Jones    |   Visit My Website   |   Contact Me
I would be happy to ask my mortgage lender if they have a product that might work for you. Do you already own the cabin you will be moving?
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answer by Jake Jones    |   Visit My Website   |   Contact Me
That's a tough one for sure. We can do a true new construction without 20% down but a "relocation/remodel" scenario is not a loan product I've ever hear of... Once the land has been purchased, home relocated, septic and electric hooked up at that point you could look at the renovation portion of the loan...
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