Scenario:

My borrower has a 650 mid-score and I can approve him to $250,000 with a backend ratio of 29%.
He has $10,000 in the bank. He'd like to purchase a Modular home $90-100k and has picked out a piece of property $100k. All of the preparation for the lot has been completed and we should be able to bring the entire project in under $250,000. The way I have usually dealt with this type of transaction is to have the seller subordinate to a hard money lender who then fronts the entire cost of the construction and then pay off everyone with a refinance. The seller is not happy with the idea of subordinating and would like the property to be paid off before we begin construction. Can you tell me what your manufactured/construction LTV down payment requirements are?
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