land only loan?

4 Replies

Is it possible to get a lot loan on a lot with a mobile (that is Not going to be removed)?  We would be using the house as a rental.

@Dawn Young I've never done this but understand that the mobile home has to be converted from personal property to real property before a traditional lender will make a loan like this. This makes the mobile home a permanent part of the property and sorry, I don't know how you go about doing this.

@Dawn Young

 It would depend, can the purchase price be justified  for only the value of the land?  You could then look into a loan for just the land.  Now if the value would have to include the mobile home then it will be a tough time.  If the home is newer, less than 10-15yrs then there might be some avenues to look into for financing.  Anything older than that is about non existent.  

You didn't mention if it was a single wide or double wide home and also if it is just blocked up or does it have some sort of permanent foundation?  If it is on a permanent foundation you could look into financing as I think there are some lenders that lend on ones with a foundation.  If it doesn't have one then if it more of a cash deal or seller finance type of deal.

Originally posted by @Mark Gruetzmacher :

@Dawn Young

 It would depend, can the purchase price be justified  for only the value of the land?  You could then look into a loan for just the land.  Now if the value would have to include the mobile home then it will be a tough time.  If the home is newer, less than 10-15yrs then there might be some avenues to look into for financing.  Anything older than that is about non existent.  

You didn't mention if it was a single wide or double wide home and also if it is just blocked up or does it have some sort of permanent foundation?  If it is on a permanent foundation you could look into financing as I think there are some lenders that lend on ones with a foundation.  If it doesn't have one then if it more of a cash deal or seller finance type of deal.

 By

Thankyou! The asking price is just a little bit more than the land is worth plus improvements such as, water hookup and sewer hookup and electrical not counting house.any rate, we can come up with the difference plus down payment of course. the house the seller and I agree, its not forgettable. It's a 78 double wide in decent condition but not on a foundation. I have two other manufactured homes one of them is less than 15 years old but as far as I know I can't get any financing on it.   If you know of anyone who will do that for non owner resident I would love to have that information. there's one bank that thinks it can help me you were there with a land loan, or a business loan. Which really shocked me, can we do a business loan on a rental house? if so how come no one has mentioned this before? I find myself being skeptical. but I like to think outside the box so I will see what he has to say when he gets all my paperwork.

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