I have some land that I own and is appraised @ $30,000 along with a credit score around 630, what type of loan should I approach to get a modular home around $45,000 to $50,000? Nothing fancy, just a nice modular home. Thanks in advanced

Jon:

If I were in your position, I would try to get the score above 650. I believe that 650 is a cutoff for many programs. I am not a residential lender, but this seems like a straight up residential construction financing. Talk to a couple of local lenders about their programs.

I think what you are asking is can you borrow more than your hard collateral and the answer is yes. The most a bank will usually allow is 33% of the total house can be land. So take your land and multiply it by 3 and you will have a ballpark figure of what you can put together. They usually like to see at least 10% equity in the contruction loan, but that is not hard and many get around it. T