Buying A Home
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Double-Wide Financing
We are scheduled to close on our house July 11th. Our lender told us on Friday that she did not realize our home was manyfactured and she could not finance it.
Another lender would finance it, until they learned it was on 7 acres.
Does anyone know of a lender, preferably in Virginia, who will finance a VA manufactured home on 7 acres?
We are starting to get very nervous.
Re: Double-Wide Financing
I would start calling some of the local banks in your area.
Some lenders have stipulations about not lending on properties with more than 5 acres. That said, might be the option of if the home appraises at the sale price with 5 acres you can have the extra two acres taken off the mortgage. It usually involves getting a new deed description drawn up, but you should ask the second lender if that could work.
In some areas of the country, properties with more acreage are more difficult to get accurate appraisals on since the larger properties are less common to come by. A larger property in some areas might be multiple miles away from a comparable property that was recently for sale.
Banks want the best info possible to make lending decisions.
This is why she may need to go to a bank that specializes in agricultural loans since those banks are used to lending and appraising on larger properties.
There are stipulations about acreage sometimes because the banks find larger parcels of land to be more risky investments for them.
Especially with government garunteed financing, they want to make sure they are garunteeing a loan on a home, not a piece of land, or an investment. They like to see the land making up less than 30% of the total value of the property. They also like to see parcels that can not be subdivided.