What is the best type of loan to go with?

lindas_scrap · Joined: 06 May 2008 Posts: 1 1.35 Dollars($)

We are trying to buy property in Hobbs, New Mexico. It is 2 lots for a total of about 2.87 acres. One of the lots has an older mobile home on it. What is the best type of loan to get. We do own a home in Alamogordo, NM but we were not wanting to do an equity loan but we do have about 50,000 in equity. We are going to pay 30,000 for the Hobbs property.

adonis · Posted: Tue May 06, 2008 9:27 pm Post subject:

Welcome Lindas,

If you have sufficient equity, then you can take out a mortgage on the property. But this is possible only when the mobile home has a permanent foundation.

sara · Posted: Wed May 07, 2008 3:06 am Post subject: RE: buying lots with mobile home

Hi Lindas_scrap,

Are you buying the lots with the mobile home? if that is so, then you may look out for a mobile home loan which will help you finance both the lots and the mobile home. However, to get a mortgage on a property with mobile home, one needs to have a permanent foundation on which the mobile home should be set up.

It's good that you have enough equity but that doesn't mean that you need doing an equity loan. Since you're buying the roperty, you can go for any type of loan programs like the FHA insured loans and other conventional progframs.

I suggest that you go through the information available on Mobile home loan here at this community. It will give you an idea as to whether you'll qualify and what loan programs are available.

Take Care

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