Land loan clarification and advise needed

[Tashsa Holmes]

Hi 

ln escrow for land that has steel garage building on it. Works well for us. Plan was a fha land and construction loan for maufactured home. In escrow, 2 extensions done and expiring soon and my loan just getting it done but its not coming together now the total isnt quite enough. lf l walk l lose deposit $7500. l dont want to walk.

What are my options?

ls it normal for him to ask for more and then give us $ 50k less? Twice. lnterest isnt locked in and interest went up and he now mentions constuction paperwork with totals has to be reviewed and takes 30 to 45 days plus expect a back and forth. lm suppose to close soon. 

Should l find another lender for same loan?

Today l spoke with a loan guy for land only but its 25% down and 1% for company and 1% for him plus closing. Has a fee agreement for him. plus 15 hr term. He was driving said he could get it done but it was hurried conversation. l sent everything over but having misgivings about the loan and how much it costs and if its wise to do another credit check to find out we dont have quite enough.

Is it possible to get better conditions like 20% down or less and 20 term.? or 10% down  Who do you recommend?

Can you share what he means about 1% for loan and what is this 1%  fee agreement to him? Is that rolled into loan. is it a higher interest rate too or 1% is that.

How much is @ closing on 280k? 

We have 70k which was enough for intial loan it was 5% down but lm not so sure with the land only because deposit is that.

Intial loan we made no paymts until it was done, this one we have pymts right away and will need to now save for septic, water hookup.We thought we could make apt after utilities are in, in the garage for now and at a later time get a manufactured home.

We both arent sure what to do.  What do you think? Any ideas on how to make it work? l thought maybe we could do something with garage to offset expenses in the meantime? prior to apt. 

Could we qualify for loan for septic and permits and just live in apt in garage until a much later date for manufactured home.

Any thought suggestions or advise would be helpful. 

Thank you!