The financing for this dream has fallen though. The broker that I am working with does not have any investors that will finance a single wide (though this is certainly not a single wide). Finding easy financing for this deal has ended, but it is not over. I am still going to be calling local banks on Monday (as recommended by the appraiser) to see if they can finance this deal as they are more than likely used to seeing property like this in their local area. The problem with the smaller banks is that they are typically not going to be offering industry low rates, even with my amazing credit, down payment and income to support the deal.
Right now the options are to either take a agricultural loan at nearly 6%, or end the contract. I will still get my earnest money back, but I will have lost the price I paid for the inspections, appraisal and option fee (about $2,000).
Part of me is in – do what ever it takes to make this happen, you are not likely to find a setup like this again. The money side of me says — while you would still save about $400 a month moving out there, this is not what the plan was. The original deal was to take advantage of the cheap money that is out there and save $1,000 plus per month. At 6% the P&I is actually more expensive then where I currently live, the difference only comes into the taxes.
At this point I am willing to take a bit of a hit on the cost of the loan (and save a little less), willing to go up to 4% basically to make this happen. I would have never in a million years thought that I would be obsessing over this land the way I am. Everything about it feels right (other than the mildly terrifying part about moving into the woods and all that). I can see in my mind me living here for a long time, something I have never ever really done in any of the homes that I have owned. They always seemed like temporary investments I get to live in for a while before I move on.
Monday will be a calling frenzy. There are about 3 super local banks and 3 other banks I want to give a call. The plan is to just put it all out there on the table since my contract time only last to the end of the month. If it can happen I should know on Monday.