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I am trying to find a lender that loans money on purchasing land to put a mobile home on. Do you know what kind of lender I need to contact

I have found land with utilities already there and the barn, garage, and some small out buildings and just want to be able to move my mobile home to this land to make it our home, but can not find a lender that will lend money for the land, we already own our mobile home. Can you help?

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  Answers  |  3

October 07, 2014

There are many considerations that could affect your decision: acreage versus a smaller parcel or lot, but you most likely need a construction type loan. Mobile homes being converted to real estate need to have the axles removed, be installed on a permanent foundation, and hooked to the appropriate sewer system for the land. Most construction type loans will need equity which will be based upon a "subject to" (the improvements) value. If there is enough equity in your mobile home "as is" or if your credit qualifies you for a personal loan, you may be able to borrow enough money to buy land outright. Look out however before you buy. If there is a soft spot in the land or it doesn't pass code tests, you could be responsible for fixing the property. Also, as another option, you may be able to find a contractor who owns a parcel, who is willing to "builder finance" the transaction, and perhaps you could refinance the improved property later. And as always, get good sound legal advice and have an attorney represent your personal interests when entering into any real estate transaction or contract.

$commenter.renderDisplayableName() | 09.25.17 @ 01:03


October 08, 2014

You can incorporate land cost into an FHA loan as long as you are attaching a new manufactured home to the property at the same time. It must appraise for the total price of the acquisition. It is a one time close loan so you need to acquire the land and the home at the same time. If you need help with the logistics of the deal feel free to contact me.

$commenter.renderDisplayableName() | 09.25.17 @ 01:03


October 16, 2015

need to know- acreage, value or land, type of foundation you plan to build, how long it will take to get permit and put on the permanent foundation, year mobile home built

$commenter.renderDisplayableName() | 09.25.17 @ 01:03


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