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[email protected] dontdamnme_79@yahoo.com is offline
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Default Buy land and trailer, then build home? Mortgage questions...

Hello all. I'm looking for some advice. I currently rent (and I'd be
embarrassed to tell you how much I pay each month in rent), I'm a young
guy wanting to buy. The route I'm looking into is purchasing a plot of
land (maybe half an acre) and getting a mobile home (1 bedroom and
cheap will suffice), then while waiting in the mobile home, have my
real home constructed on that property. Now for a few figures:

I estimate that my mortgage payment on the land and trailer would run
about $500 less each month than I am currently paying for rent. I want
to get a construction loan to build the home. Should I get the
mortgage for the land and trailer first or would a reputible bank be
able to combine the two. Obviously, I want to make payments from the
get go, so there is no deferred interest to deal with later on. How do
these loans work? Would I start paying a little more each month as I
complete steps in building the home? Do I need two separate mortgages?
One for the land/trailer and one for the construction of the home?
What is the best route to take to avoid deferred interest and have a
regular mortgage once the home construction is completed? (I would
then sell my mobile home for whatever I can get out of it)

Any advice is emmensely appreciated!