I am currently pre-approved for a $140,000 mortgage with an $18,000 down payment, could be subject to slight change if necessary. The market is terrible right now and difficult to find anything in my price range, and I’m exploring my options. I live in the midwest, not in an urban area but it’s slightly higher in price due to many nearby lakes.
Here’s a scenario. I find a $10,000 piece of land, .35 acres. I can pay cash for that. I found a modular home plan from a local company for about $62,000. About how much can I expect to pay in total, for all the necessary work done, including HVAC, septic, or whatever other external factors there may be? Am I likely to be able to borrow from a lender in roughly the same amount as if I were to get a conventional mortgage like I’ve been planning on? Will I save money, or spend more than it’s worth?