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Mortgage options for double wide + land
Posted on 8/1/14 at 11:02 am
Posted on 8/1/14 at 11:02 am
Figured Hawkeye or others could shed some light on this for me. My coworker is looking to buy the following property in a rural area outside BR:
Modular home (personally I don't know the difference between modular and double wide) plus ~ 5 acres of land. Home is only 1-2 years old...not sure if it is considered "immobilized" or not. Property also has a workshop and a barn.
What mortgage options are available for this type of property? Also what LTV is available.
Thanks in advance.
Edit: Just found that RD will allow for mobile home new purchase and land only, not for existing home and land purchase. So that option is not possible.
Modular home (personally I don't know the difference between modular and double wide) plus ~ 5 acres of land. Home is only 1-2 years old...not sure if it is considered "immobilized" or not. Property also has a workshop and a barn.
What mortgage options are available for this type of property? Also what LTV is available.
Thanks in advance.
Edit: Just found that RD will allow for mobile home new purchase and land only, not for existing home and land purchase. So that option is not possible.
This post was edited on 8/1/14 at 11:40 am
1
Posted on 8/1/14 at 1:12 pm to mglsu21
there is a bid difference between modular and mobile. modular you have some options but with mobile you have no options..buying a mobile home with anything other than cash is a horrible idea. if its a modular home then you can do an FHA loan or conventional loan depending on credit and downpayment. have them send me an email and i will break it down for them. edhawk75@gmail.com
Posted on 8/1/14 at 2:10 pm to hawkeye007
Thank you for the info, Hawkeye. I will pass on the information to him.
Posted on 8/1/14 at 9:41 pm to mglsu21
My bank lends for mobile home with land with 10% down....probably wont like the rate or the ARM though
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