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Mortgage Community Forums | Looking for Mortgage again | Refiancing and Purchasing Land

Refiancing and Purchasing Land

Posted on: 21st Oct, 2009 06:57 am
would like to refinance my current mobile home loan and purchase land to place mobile home on as a permanent residence. currently renting a lot space at a trailer park. found property that i am interested in purchasing.
I don't think there are any lender that can do a mobile home loan if you are renting the land and don't own it. Possibly your local bank can make you a personal loan for this.
Anonymous
Posted on: 21st Oct, 2009 02:34 pm
You may have misunderstood my question I am trying to purchase land and place the mobile home on a new location. I am interested in refinancing the mobile and financing for a land purchase.

Thanks
Anonymous
Posted on: 22nd Oct, 2009 08:21 am
Depending on your credit scors you may need to put upwards of 30% down on a lot loan. And when you get a lot loan the deal (typically) is that you are going to build in 5 yrs. and then pay off the lot loan with a mortgage. Finding a lender that will term out your loan differntly may be an issue.
Anonymous
Posted on: 22nd Oct, 2009 02:51 pm
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