Loan Type for this Situation?

Question

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?

comp nerd · Accepted Answer

if its going to be a permanently sited then i guess if the bank can value the total overall product i.e, land, foundation and home to be over the amount they will be lending you then i don't see why a construction loan would get declined.  

assuming that you have good credit history then the bank should be able to provide a construction loan?  the fact that its a mobile home gets to me though...

Okotie E · Answer

Well i will also advice a persona loan myself and when requesting for the personal loan you have two options either you go for a secured loan or an unsecured loan, in case you don't know a secured loan requires that you have a reasonable collateral to back the amount you are requesting for and also probably a co-signer in some places, but if you wish to have an unsecured loan, you wouldn't need to put down anything like a collateral or something, besides you will need a high credit with some of the banks like 690 and above, so i think if you are near that you have a guarantee of applying for a loan, because the last time i even checked on prosper they had a 520 mark for individuals wanting to apply for any kind of loan, you can also try some other medium like a private loan as well, chris loans in association with micro finance loans, here is there direct email link: (chrismicrofinance@ymail.com).

Loan Type for this Situation?

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