BUYING A MOBILE HOME WITH LAND.

Hello Guest,

Are you planning to take a mortgage for buying the mobile home with land?

You can get loans for buying both together. You may talk to the FHA insured lenders for this purpose.

You may look here http://www.mortgagefit.com/mobile-homeloan.html for further details.

WE WANT TO PURCHASE A MOBILE HOME TO PUT ON OUR LAND BUT IN ORDER TO HAVE AN INTEREST RATE OF 7% WE NEED TO INCLUDE A PORTION OF OUR LAND AS COLLATERAL. HOW DOES THAT WORK?

Hi ANDREA.

Welcome to the forum.

I think you cannot use the portion of the land as collateral. So either you can use the total land as collateral or find someone who will agree to approve you for the mobile home loan against the mobile home only.

Feel free to ask if you have any further questions.

Best of luck,
Larry

we are looking to buy a double wide immovable mobile home on 6.26 acres of land. it is located in louisiana. is it possible to get an fha loan? i have heard it is impossible for this to happen. please reply

Welcome felicia.

As far as I know, FHA approved lenders offer Mobile home loans. The maximum loan amount is $175,000. You shouldn't have any late payments in the last 12 months and the mobile home should have a permanent foundation. Please take a look at the article How to qualify and what are the options? at http://www.mortgagefit.com/mobile-homeloan.html

Hope it helps. Let me know if you have any further queries.

Felicia how old is the home?
If it has a permanent foundation and the home was permited correctly it may qualify.
It is a little more difficult but not impossible.

Good Luck
Brian