Can I Take Out A Home Loan For Land And A Manufactured Loan?
By home loan I mean a home loan and not a personal property loan like on a trailer home/manufactured home in a trailer court. I qualified for a home loan and I want to keep it cheap, so I want to purchase a piece of land and a manufactured home. Wil this work as a home loan if its on private land?
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To have a mortgage loan you must have land involved, so no trailer park rentals. Lender’s are not fond of mobile homes because they lose value – unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.
If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won’t get out what you put into a mobile. That said, there are some very nice mobile homes out there.
no/yes
Want a mobile Home Loan? If the home is in a park on rented land financing will be MUCH easier.
In Park / Rented Land:
JCF Acceptance
Refi.Net
MH Loans
Origen Financial
Aaron Financial
Mountainside Financial
Land/Home Loan:
Amy Leshner – FCM
Countrywide Financial
Good Luck,
Peter