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Katrina

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looking at buying a modular home and putting it on land my father in law owns?

wanting to buy a home and this is the way i want to go. have lots of questions though, we dont have the best credit and want to use the land as down payment, how does this work? my only issue is finding financing now then i can get to work!

116 day(s) ago

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dKramer 		Down Payment = CASH

Besides, you can't use something that you don't own for your down payment.

Posted 116 days ago

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George 		Your first step should be to check with your local zoning department. Adding a modular home to your father in laws property may require a zoning change or that a portion of the lot be split and creating two lots. If you are needing to use the land as down payment, then you want to look into a lot split - dividing the property and getting one parcel in your name. This could become expensive depending on local development laws. However, if your father in law has a mortgage, the mortgagee must approve the split and release that portion (going to you) from the terms of the mortgage. It's called a mortgage release. Once you have addressed these issues, you can pursue financing.

realtor.sailor

Posted 116 days ago

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