<prompt> Human: My fiance and I are getting married this year. The next step will be buying a house. Weve been looking at double wides and have found a few we like in the 40-60k range. We know well have to buy land and in my area an acre is running between 10-17k per acre. My credit score is 740 and together we make roughly 60k a year. Is it possible to get a loan on both the land and the house so we dont have to pay 2 loans? whats the best way of preparing to get a loan? Is their a suggested down payment amount? This will be our first house so would we be eligable for the first time buyers incentive?Assistant: Is it possible to get a loan on both the land and the house so we dont have to pay 2 loans?With a trailer the answer is almost definitely no. If you were building a house it would be a different story.Trailers are not like site-built home: they decrease in value, so the loan products for them are different than a traditional mortgage.You should be able to get a mortgage on the land and arrange other financing for the double wide. Thats pretty common and shouldnt be a big deal, but expect your interest rate on the tailer to be higher than the land.Also, very important in case you arent aware: if the site doesnt already have powerwell or public waterseptic or public sewer those things can be extremely expensive. The price depends a lot on the land itself.Human: Do you know if theres a difference between a modular home and a double wide in the way of being able to get a mortage? Also, do you know why the value decreases so much for trailers? Assistant: Because they tend to be terribly built and built with materials that facilitate moving them on wheel. Buy a traditional home. Human: This does give me a lot to think about. Do you think it would be more cost effective to build a home or purchase one. The reason why I ask is because few homes seem to built with only 1 or 2 bedrooms. We dont plan on having kids. Do mortgages work as home building loans or is that different?  <response>: Do mortgages work as home building loans or is that different?You have to get a construction mortgage, which typically requires around 25 down. Also, theyre more difficult to qualify for because the bank doesnt have a complete home as collateral, so will require both the higher downpayment and a lot of info from you about the builder, the materials, etc.. Some builders dont like working in this way, just FYI. An option that a lot of people take up and I see youre looking at an acre-size lot is to outright purchase the lot, plop a camper or single-wide home down, and then build gradually, contracting their own jobs i.e. you hire the contractors to do the foundation, you hire the electrician, the framers, etc. It takes a lot longer doing it this way because contractors are a PITA but is a lot cheaper: my friend in the field actually guided his sister through the process and she ended up saving around 30 over hiring a general contractor.Its not for the faint of heart, but there are books available and plenty of internet resources. If youre like me, though, and want to get 3 quotes for every major purchase, its a long slog. Sometimes you can get lucky to get referrals from trustworthy contractors, but oftentimes youre on your own trying to figure out if the lowest offer is actually the best and will get screwed on the workmanship, materials, or time to complete. Still, if youve just gone camper oftentimes folks build a barngarage first, put the camper in the garage, and build around it youre on site and can keep tabs on the work easier. Then just make sure that youve designed in such a way that adding on an additional room or story is possible as easily as possible. Its a long-term process, but considering that new construction is around 200sqft through builders, if you can knock it down to 140sqft 30 off by doing your own contracting and go small to begin with, then add on, it can work. Purchasing existing is probably the best deal, but I think youll have trouble finding a mechanically and structurally sound 12 bedroom on an acre in the price range you mentioned. 