Loan Type for this Situation?

Answers:0   |   LastUpdateAt:2012-11-05 02:22:45  

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I am sure there is an appropriate loan for this, but I'm not quite sure which type we're looking for.

We own our land outright, free and clear. Assessment is $20k. We would like to purchase a new manufactured (mobile) home, permanently sited. We would need to have grading work done on the land, and we would need to have a foundation put in. That would cost about $15k. We'd like a loan for the price of the trailer ($32k), and the prep work (about $15k). We would ideally like an option that didn't involve a mortgage and down payment. We could come up with the few thousand dollars down payment on the $32k mobile home if that were the only option. It's just that we're after the least cash-heavy situation.

Credit is just under the 700 mark. We recently paid off a different $18k loan, perfect on the track record, never late on a payment. Income is about $60k per year. Happy to use the $20k worth of land as an asset.

A few folks suggested a personal loan for the $47k might be appropriate. Seems like a big # for a personal loan though. But I don't really know. Construction loan? We actually will be visiting the bank to talk to a loan officer in a few weeks. Just wanted to get an idea so we know what we're talking about.

Educated thoughts?

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