Posted on: 25th Jan, 2010 12:47 pm
where can I borrow for a double wide mobile home to be placed on property I rent (family) and not own. I am also going to put a well and septic on this property.
Take help of broker that will help in your case. He will definately guide you in better way and resolve your doubts.
>>where can I borrow for a double wide mobile home to be placed on property I rent (family) and not own.
>>The only mortgage program that allows you to purchase a Manufactured Home on rented ground is VA. Otherwise you'll need a "chattel" loan (a peronsal loan). The company that's selling you the Manufactured Home should be able to refer you to companies that offer that type of financing.
>> I am also going to put a well and septic on this property.
Now why in the world would you want to do that if you're only renting the property? It only makes sense to do something like that if you're entering into a long term lease (99 years). You could lose a lot of money if you installed both of those, and then your landlord said you're unable to rent the property anymore.
>>The only mortgage program that allows you to purchase a Manufactured Home on rented ground is VA. Otherwise you'll need a "chattel" loan (a peronsal loan). The company that's selling you the Manufactured Home should be able to refer you to companies that offer that type of financing.
>> I am also going to put a well and septic on this property.
Now why in the world would you want to do that if you're only renting the property? It only makes sense to do something like that if you're entering into a long term lease (99 years). You could lose a lot of money if you installed both of those, and then your landlord said you're unable to rent the property anymore.
I am entering into a a long term lease of 30 years - in my 50s so it should be good - again, this is family land and I have been on this land for 15 years.