My wife and I have a particular problem I wonder if someone might be
able to help with. We currently own our own home, a 1996 model
doublewide in good condition on 3 mostly wooded acres in rural Baker
County, Florida, a growing bedroom community for Jacksonville. We
bought the property as a land/home package in 1998, 30 years fixed at a
bit under 10 percent. Last year we refinanced, again as a land/home
package, this time for 20 years (cutting 3 years off the term), for
slightly less monthly and a wad of cash in hand to pay some other
debts.
We would like to build, and we would like to build on this property,
which we like. Our credit union, which holds the mortgage, does not
offer construction loans. We looked at Jim Walter (and similar
companies), found homes we liked, but they will not finance us because
of the land/home being lumped together, although my credit score is
otherwise very high. We also have considered and like some modular
homes, like Palm Harbor, but again the same problem.
We need to know how we can get around this issue and be able to build a
house on this property. Any helpful advice anyone might offer would be
greatly appreciated.
Thank you.