Here is a link to the property. https://www.realtor.com/realestateandhomes-detail/6645-NE-6t...Thank you in advance for any info. 

My question is, when buying a home, do most here use big banks for loans?

You might have several different loan options available to you depending on your needs (acquisition + rehab).

Many thanks in advance!!!

I would also carry the loan and establishing a penalty for early payoff (how much penalty?) 

I know they can be financed just like a stick built construction loan, however, my credit union is not doing construction loans right now and does not have a time frame for when they will (SECU).I want to use the land as down payment if possible and finance the modular and the site prep for it.Looking at getting a new modular duplex or a SFH. 

Purchase price: $50,000 Cash invested: $16,000 Sale price: $127,000 Purchased with a 75% loan for cash flow.

He will likely keep the larger of the two social security checks plus everything else that is stated in her trust.3) Keep in mind as you apply for loans, lenders will count this property towards your debt to income ratio.

Thanks in advance!

if so, you would need a bridge loan.