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 cdbmab
Joined: 10 Sep 2009
Posts: 2
1.00 Dollars($)
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 Posted: Thu Sep 10, 2009 5:35 pm Post subject: I own a piece of land; can I get a loan using it as collater |
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My husband and I own a little over 6 acres of land free & clear in NC. We have an older singlewide on it now, and would like to get a used doublewide.
Using our land as collateral, can we get a loan to purchase a doublewide?
If so, can anyone at all point us in the right direction? We've been having a lot of trouble finding anyone to finance used doublewides, loan on land, etc.
We're pretty much in the dark here, not much experience in these areas, so any advice will be appreciated. 
Thank you. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Thu Sep 10, 2009 9:00 pm Post subject: |
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Hi cdbmab,
If you use the land as a collateral, you would get a land loan. Before purchasing the double-wide with that loan, you should inform the lender about it. You've mentioned that you are facing trouble in getting a mortgage. Did the lenders give you any reason as to why they are not giving you a loan?
You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This may help you know whether or not you would be able to get a mortgage.
Thanks |
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cdbmab
Joined: 10 Sep 2009
Posts: 2
1.00 Dollars($)
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| Posted: Thu Sep 10, 2009 9:35 pm Post subject: |
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Thanks for your reply. It's not that we've been filling out a lot of applications & being turned down; it's just that lenders don't want to give loans for used doublewides.... We've been pre-approved for a quicken loan on a new doublewide, but they require you to purchase a new one, and we're hoping to avoid getting that large a loan... So I was thinking, we've got this land paid for, maybe we could use that as collateral to get the used home we're looking at. So we'd have to tell the lender what we were doing with the money? It wouldn't just be our money, once we got it? I know I'm showing my ignorance here.... I appreciate any advice you all can offer.
Thank you. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Thu Sep 10, 2009 10:59 pm Post subject: |
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Hi cdbmab,
It my opinion, it would be better to inform the lender that you would be purchasing a double-wide with the land loan at the closing. If the lender does not approve of it, he may inform it to you then and there. This would avoid creating problems for you in future.
Thanks |
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