Do you have to own land?

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Icon Mini Profile glendagb




Joined: 21 Sep 2009

Posts: 1

1.29 Dollars($)
PostPosted: Mon Sep 21, 2009 11:57 am    Post subject: Do you have to own land?

We bought our manufactured home 20 years ago .. it is a 1986 Fleetwood and about 4 years ago put a metal roof on it and updated. It is not our land that it is on...it is rented. Do you have to own the land ??? My husband died and I would only like to finance about $7,000. to get out of debt totally and since the home is paid off I was wondering if this is possible?
Icon Mini Profile chrisburns
chrisburns
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Joined: 13 Nov 2007

Posts: 372
Location: Florida
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PostPosted: Mon Sep 21, 2009 1:01 pm    Post subject:

In order to get an FHA loan (which is the only kind available right now still doing mobile homes) you must own the land.

There used to be some specialized mobile home lenders out there that would lend if you rented or leased the land, but all the ones I know of went out of business last year.

Your only option is probably a local bank or credit unions that might give you some kind of personal loan.

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Chris Burns
Five Stars Mortgage, LLC
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Cell: 407-456-3697
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