I am tired of renting and paying high rent prices. I have been searching for a place to buy within an amount I can afford. I have found that purchasing a mobile home on its own land is right in my ball park of what I feel I can comfortably afford. And figured that in a few years I can then build on the land and sell off the mobile. My problem is that I need 100% financing and no one offers that for a mobile home. I was told that I should look into a land loan and apply for that so that lenders don't consider the mobile as the collateral, just the land, which of course would already be developed with septic and well. So before I keep searching I would like to know how does a land loan work? Can you get 100% financing, what is the length of time that you can finance the land for, and can you actually apply for a land loan only if it has a mobile home existing on it. Any info about this would be greatly appreciated.

what is your credit score? do you have 2 yrs of proven employment? any assets? what state are you in? with a good score and employment you may purchase and build all in one loan.

Well my credit score I guess I would say is what they consider poor, as all the things showing up on it are from 5 to 10 years old and most have been paid off. I have been at my present job for over 6 years. I live in the state of Maine. I am not in a position to apply for a loan of a large amount, that is why I have been looking at land with an existing mobile with 100% financing, as I have no funds available for a down payment at this time. Finding that mobile homes are almost impossible to finance at 100% I was told to look into a land loan, the mobile would just be existing on the site. I would then live in the mobile for a few years and save money to then build a home on the land. I feel if I have a loan for approximately 60,000 on a 30 year note that I can easily save 300 or better each month and then have enough financial stability to refinance and build in a year or two. I just am not sure how this would work or if it is something that can possibly be done.

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You can't get a land loan w. 0 down. If you fix your credit, you could buy a house w 0 down on stated income and assets. To do that though you need your score over 680. The best for you is to get your score to at least 640 and save a little money to put down. Even if it's 3% or less.