Mortgage Options for Homes on Land Lease?

4 Replies

I just spoke with a borrower, and she is trying to refinance her home in NY. It's a manufactured home on a permanent foundation, but it's on a land lease. She has a mortgage on it right now. Does anyone know of any Lenders before I go digging around, that will allow such a transaction? 

I have asked this question to many of our lenders and no one will do a manufactured home on a land lease.  Condos on leased land are possible, but not manufactured even if it is on a permanent foundation.  The guidelines for condos is the lease has to extend 5+ years over the term of the mortgage.

I actually found a lender who would do it...but the rates were in the 7's so it wouldn't even make sense for her to do anything! Sorry for the delay on this post, I did not see your response til now. Thanks for your response! 

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Originally posted by @Stephanie Irto:

Thanks @Debra A. - I'd be curious to know the lender if you want to pass along the information.  Feel free to PM me. 

 I honestly forget but I want to say it was 21st Mortgage Corporation. I actually asked about it in the Mortgage Pub forum on facebook and someone replied back to me with the suggestion.