lot loans and Manufactured homes

[sony]

Hello,

I am looking into buying land and putting an inexpensive mobile home on it until I can build my home.  Where can I get financed for the lot and improve with well and septic, and maybe do a small loan on the home.  It seems that banks don't want to do land only and most banks don't want to touch mobile homes even if they are new.  Any advise?

Thanks,

Sonja

[ShanetheMortgageMan]

A local community bank would be the best bet to get financing for land.  As far as financing for constructing a manufactured home, the manufactured home dealers usually offer financing for that step in the process, but the terms aren't usually very favorable.  Since you'd have to move a used manufactured home that limits the financing options even further.  If you want attractive terms I'd recommend getting in touch with a manufactured home builder and see if they have any land they can build you a manufactured home on and sell them both as a package to you (including the well & septic).  Then you could be able to use USDA, FHA or conventional financing, and at much more attractive terms.  If that's not an option then www.21stmortgage.com does financing on mobile homes that aren't permanently affixed to the foundation, but terms aren't great.

[BrianB_The_Loan_Professor]

Dont expect this to be easy or to be cheap - (out of pocket) Unless you are able to qualify for a USDA loan. This is the ONLY time you can use a USDA loan on a manufactured and it would be your best chance at a good rate and decent terms.

Are you buying in a rural area? If you are and your income is 115% or less of the areas median income - this is worth looking into

Good Luck

Brian

[sony]

Shane,

Thanks for the info.  I'm trying to do this as inexpensively as possible, so I don't think a dealer package would work. Also, I'm in NY and for some reason banks or finance companies don't lend here for mobile homes.  I don't know why.  Does NY have strict laws for lending?

[ShanetheMortgageMan]

NY has very tough licensing requirement is why not all lenders do business there.  Out of the manufactured lenders I can think of not a lot of them do business in NY either.  Do you have to own a home now or like you mentioned, can you wait until you can just buy & qualify for a stick built home?  You might also try to find some mobile home parks around town that are trying to sell some of their homes, sometimes they can offer financing.

[sony]

I will try the mobile home parks in my town and if you have the names of any financing for NY that would be great!   

[ShanetheMortgageMan]

Good luck, and sorry I don't know of any other than that link I provided you above.  Not sure if they do business in NY though.

[Anonymous]

You may want to check out MHvillage.com.  They say they send your info to three of the tob mobile home dealers.