Which is easier when purchasing a home?

Question

So I've been running around in a circle trying to get financed for a home. We can go through USDA which finances home 100%. All I would need is a "good faith" deposit of $1000 and $400 for them to inspect the house. Long story short I put a bid in on one house and lost it because other bid was a cash offer. 

Only one bank that I know of finances mobile homes and they require 20% down (haha- yeah right). I've been working with a Realtor to find a house with at least three acres.... no luck. So my question is, would it be easier, (and would the bank finance), me trying to purchase raw land and just putting a house on it/building one? Or would it be easier to just find a home already built? I'm getting desperate to get out.

gatzap · Accepted Answer

The starting point is to have a pre approved loan amount.  With that you have eliminated properties priced higher.  Going for raw land and building adds uncertainty.  There's the time to build, what is actually built, and the actual cost of building.  It will be easier to buy an existing house whether new or used.  Mobil homes require higher down payments because they are not as strong structurally against storms.  Yes, I know the industry claims, bla, bla.  Depending on where you are buying there may be a lot of competition from corporations buying troubled assets.  A good broker should be telling you things like this to narrow your focus.  Don't get desperate - you're likely to live with it for many years.

coraann · Answer

A bank will not finance you to buy land and build.
 Whatever you buy, be aware that you need more than a few thousand dollars for closing costs,
 lawyer's fees and utilities deposits. You must have these funds in cash. They are not often
 mentioned until closing day, when you have to hand over the money.

kemperk · Answer

IS your realtor a BUYER's agent  IF not you will never find what you want.

IF unsure, check what you signed

TOO many agents sneak in a DUAL AGENCY agreement for
a buyer's signature.

what city and state are you in?

price range?

Linda R · Answer

Buy a 'stick built house'.  Since you want to buy acreage - make sure 'that' area is zoned for manufacture homes.

Which is easier when purchasing a home?

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