Land with Mobile Home

Layer-visible-off
0
Unfavorites
0

We are interested in 5 acres that has a 1971 mobile home on it. Our plan is to build a home on the property. My question is can we mortgage the property without including the mobile home?


0

You’re essentially talking about a land purchase, as the home may not even be real property (if not legally attached to the land) and has little/no value when that old. I’d talk to your local bank about that, but in most cases a fairly sizable down payment is required for land purchases. Once the house is complete, obtaining a mortgage should be fairly straightforward (based on adequate credit, income, etc), the hard part is going to be finding someone to finance the construction and land purchase.

Answered 3 months ago
Ted Rood
1328 6
2 months ago Lori Winnett said:
 

Very helpful, thankful.


0

Mobile homes depreciate in a similar method as vehicles. They rarely increase in value. Thus lenders will not finance them like a stick built home. You can however get financing on the vacant land which would include the value of the improvements like well and septic.

Answered 3 months ago
2 months ago Lori Winnett said:
 

That is exactly what we needed to know. Thank you!


0

Thank you both for your answers. They were very helpful!

Answered 2 months ago

You Must Be Logged In To Answer