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buying a mobile home on a rented lot

Posted on: 17th May, 2012 06:47 pm
Am in the process of divorcing my present husband and found this mobile home to live in. What would be a good way to finance it?
Hi petunia!

Welcome to forums!

You can go for a mobile home loan in order to buy the concerned property. In order to get a mobile home loan, you must have a good credit score, stable income and 2 years of stable employment history apart from other things. If you meet all the required criteria by the lender, you will be able to get a loan for the mobile home.

Feel free to ask if you've further queries.

Posted on: 17th May, 2012 07:37 pm
Actually, lenders will loan money to purchase the land and the mobile home just like they lend to people who are buying a home on a foundation. You can get one loan to pay for both land and mobile home, or you can get two separate loans. One to pay for the land and another to pay for the mobile home.

Posted on: 17th May, 2012 08:15 pm
Since it's located on rented property, you'll need a Chattel Mortgage. Contact your local banks and they'll assist you.
Posted on: 18th May, 2012 09:30 am
Guest above is correct for the term, Chattel mortgage, meaning loan on a property without owning the land. Only certified mobile home lenders can offer you this financing. Generally you need 20% down for the purchase. Look up mobile home lenders in your area, or go to a mobile home sales office, to ask who their preferred lenders are. Good luck-
Posted on: 18th May, 2012 03:20 pm
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