Posted: Mon Nov 12, 2007 8:58 am Post subject: BUYING A MOBILE HOME WITH LAND.
what if the mobile home is on a piece of land already? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
If you buy a mobile home on a piece of land it will be considered as real estate property and for that you can get mortgage but it is required that the home is placed on a permanent foundation.
To qualify for a mobile home mortgage loan at an affordable rate of interest not only you should have an average credit score of 620 but also you have to follow the building standards proposed by HUD.
If you have any farther questions feel free to ask our community.
Thanks,
Larry
ANDREA Guest
Posted: Wed Jul 02, 2008 1:12 pm Post subject: BUYING MOBILE HOME TO PLACE ON LAND ALREADY OWNED.
WE WANT TO PURCHASE A MOBILE HOME TO PUT ON OUR LAND BUT IN ORDER TO HAVE AN INTEREST RATE OF 7% WE NEED TO INCLUDE A PORTION OF OUR LAND AS COLLATERAL. HOW DOES THAT WORK?
I think you cannot use the portion of the land as collateral. So either you can use the total land as collateral or find someone who will agree to approve you for the mobile home loan against the mobile home only.
Feel free to ask if you have any further questions.
Best of luck,
Larry
felicia Guest
Posted: Fri Jul 11, 2008 11:39 am Post subject: mobile home
we are looking to buy a double wide immovable mobile home on 6.26 acres of land. it is located in louisiana. is it possible to get an fha loan? i have heard it is impossible for this to happen. please reply
As far as I know, FHA approved lenders offer Mobile home loans. The maximum loan amount is $175,000. You shouldn't have any late payments in the last 12 months and the mobile home should have a permanent foundation. Please take a look at the article How to qualify and what are the options? at http://www.mortgagefit.com/mobile-homeloan.html
Hope it helps. Let me know if you have any further queries. _________________ Good is the Enemy of Great.
Felicia how old is the home?
If it has a permanent foundation and the home was permited correctly it may qualify.
It is a little more difficult but not impossible.
Good Luck
Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
jenkin7
