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My husband and I bought raw land (just over one acre) five years ago. Our lender added the well and septic, culvert and driveway, and moved and hooked up our paid for Mobile home ( which had been setting in a park for 20 years) It does not have a permanent foundation. We bought the land with these improvements for $30,0000 and paid $1,500 down. Our loan is a 20 year loan and we have paid on it for 5 years. We added a large front deck and a 20x20 metal attached carport. the carport cost $3000 and IS permanent as it is cemented into the ground. Our payment on the land is 10% variable, with a monthly payment of $275.
We would like to refinance for a better interest rate. We have excellent credit but have been unable to find a lender willing to lend on this type of property. Do we have any options to decrease our interest rate?

jenkin7 · Posted: Tue Feb 23, 2010 12:15 am Post subject:

Hi Blondie,

Finding lenders to finance an old mobile home is difficult these days. Most of them do not want to finance used homes in this market. Moreover, since your house is not set on the permanent foundation, it will not be treated as a real estate property and you cannot get a mobile home mortgage loan on it.

However, you can look for personal property loans or chattel loans. Contact your local lenders to see if they would like to offer you the loan since you have good credit. There are lenders in this community as well. You can go for a no-obligation free mortgage consultation with the lenders in this community and check out if they can help you with the loan.

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refinancing land with a paid for MH on it

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