Posted on: 23rd Jul, 2012 03:39 am
The land is rented and I want to put a mobile home on it. Will I be able to qualify for a mortgage to buy a mobile home on a rented land?
Hi Macaroni,
It might be difficult to qualify for a loan for a mobile home which is not attached to the land. Moreover the land is also rented. So, most of the lenders may refrain from lending you a loan.
Thanks,
Jerry
It might be difficult to qualify for a loan for a mobile home which is not attached to the land. Moreover the land is also rented. So, most of the lenders may refrain from lending you a loan.
Thanks,
Jerry
Jerry is right, there are very few lenders that offer loans on manufactured land. (We loan on manufactured homes NATIONWIDE.) However, we require that the home be affixed to a permanant foundation and on land that is owned. If you are set on putting the home on rented land, look into a chattel loan.
Hello Macaroni,
One of the easiest loans to secure for people with less than stellar credit histories or those that want a low down payment, is a mortgage that includes the home, land, and all set-up costs for the property. The problem is the ease of obtaining these loans almost always comes with a much higher interest rate.
:idea:
One of the easiest loans to secure for people with less than stellar credit histories or those that want a low down payment, is a mortgage that includes the home, land, and all set-up costs for the property. The problem is the ease of obtaining these loans almost always comes with a much higher interest rate.
:idea:
>>Will I be able to qualify for a mortgage to buy a mobile home on a rented land?
No. You'll need a chattel (personal) loan for that purchase. Lenders don't offer mortgages on rented land.
No. You'll need a chattel (personal) loan for that purchase. Lenders don't offer mortgages on rented land.
