Posted by Tony Colella on March 30, 2006 at 14:48:01:
To clarify. I am not a lender, loan officer, mortgage broker or bank employee. I do not lend on mobile homes with land, I buy and rent them along with small parks etc.
The string of posts you replied to should help point you in the right direction but to summarize, there are many lenders out there who will lend when you include the land with the mobile home. Singlewides are harder to finance than doublewides but not impossible, especially if you plan to live there.
Wells Fargo might be your first stop. Washington Mutual, 21st Mortgage etc. may be able to help. Small local banks will do these deals but you can’t simply call them on the phone, talk to the lady who’s desk is in the lobby and get this type of deal done. It takes work to get in front of the decision maker who can and will do these deals. Again, the smaller the local bank, the better. Bigger banks will do them but it is harder to meet the decision maker.
Mobile w/land financing…who is doing it? - Posted by bmeesh
Posted by bmeesh on February 12, 2006 at 11:36:31:
You can email me directly. I am looking at a property in the Florida Keys. Don’t know who is lending these days on that. What kind of rates are there these days for this type of property…thanks…would like to know banks not just private lenders.
Re: Mobile w/land financing…who is doing it? - Posted by Daphne
Posted by Daphne on February 15, 2006 at 20:00:48:
I bank at www.tibbank.com. I haven’t inquired about L/H mortgages, but there must be some way of financing 'em cuz they’re an awful lot of ancient SWs and prices start at $250k, so they can’t all be cash deals.
Re: Mobile w/land financing…who is doing it? - Posted by swampman
Posted by swampman on February 13, 2006 at 11:24:57:
You can get a loan from banks on the land. The mobile home loan is different because it’s treated more like an auto loan.
Re: Mobile w/land financing…who is doing it? - Posted by Tony Colella
Posted by Tony Colella on February 13, 2006 at 12:13:12:
Not necessarily. We finance land/home packages all in one loan. I have even done this with singlewide land/home packages but it is more commonly done with doublewide land/home packages. The loans are standard real estate term loans with a deed of trust (mortgage) filed.
(I also emailed Michele some contacts to find financing in FL).
Re: Mobile w/land financing…who is doing it? - Posted by Andy Miller
Posted by Andy Miller on March 30, 2006 at 09:58:03:
I want to buy 3.8 acres in Mitchell County. NC. I already have a 1999 singlewide sitting on this property. The owner wants $25,000.00 for this land. Can you finance the land and refinance my singlewide? My mother gave me 4 acres located beside this property that is free and clear. Please email back with this information today if possible. Thank you.