Just need to vent for a moment. We are trying to buy a house or land to build a house on. We are going to try and buy the house/land first, move out there, and then sell our house while it is vacant (we can afford to do this and homes in our area seem to sell faster when vacant, especially since we have a house full of animals!) Our main reason for doing this is that we pay $500 per month to board our horses, and we would rather put that $$ into something we have equity in. We have wanted to do this forever and finally decided just to do it.
So, we found 6 acres with an older, but livable mobile home. We would live in the trailer until our house sells, then build our dream home. Well, the mortgage co decided they will no longer finance mobile homes. Grrr. Then we find out they want 20% down for bare land. Double grrrr. We are prepared to do 5%, but who has the cash to put 20% down on something??? Back to square one. There is an older home on 10 acres that we are going to try and see if they will let us carry that mortgage along with our existing one. Then once we sell ours we would do the home improvements and updates necessary.
It just irks me to no end that because of foreclosures from people who got in over their heads with too much house or adjustable rate mortgages, people like us that pay their mortgage EARLY every month have to suffer! We have great credit, no late pays EVER and we make really good money between us, but we are hitting road blocks at every corner! Now we either have to wait a year and save up 20% down for land (while wasting $6,000 in horse board), or settle for a house that is not exactly what we want. This is supposed to be the home we retire in and live out our days in. And darn it I want it all!
OK, I feel better.