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usda or fha loans

If you buy land and intend to put a manufactured home on it, can you finance with the original loan for the well, septic, electrical, and driveway onit by mrpin2_199_292 from Laurel, Indiana. Aug 29th 2012 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,369 contributions

Probably not.. The reason why I say this is because of "Manufactured Homes"... MF homes are the first to decline in value in a declining market, and the last to appreciate in an increasing market.. The lenders know this, and for that reason, most don't finance MF homes.. If the home was already setup as a ground set property with a architectural certificate, and you wanted to finance it, you would have a hard time finding a lender, but there are lenders out there doing MF homes for USDA and FHA.. So eventually you would find someone willing to do the loan.. However, you're talking about a construction or rehab loan for a MF home to be set and add the improvements. FHA has the 203K, and I believe they would allow this, however, I'm not sure you will find a lender willing to do it.. Best advice is to look within your area for MF home dealers and ask where they obtain the financing.. They might be able to direct you to a lender who allows this type of loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714

Aug 29th 2012
Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

MF homes are hard to finance. Try a to find a personal loan from your local bank.

Aug 30th 2012
Jamie Nummer (SomersetLendingCorp)
#28 ranked lender in Michigan - 86 contributions

You will have better luck with a personal loan. Most mortgage companies will not finance manufactured homes.

Aug 30th 2012
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