# Financing mobile home on land



## Tall Grille (May 4, 2011)

Is there a good source for financing a mobile home on its own land. We are looking at a mobile, on its own foundation on 40 acres in Maine. I am looking at putting 10% down and could do a 20 year loan but the bank we have been working with won't touch it. I was also looking at a 1911 farm house on 26 acres that the same bank won't touch because of an old mobile on the property, they want it removed but I am thinking chicken coop/ grain storage. What are the options for financing a mobile?


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## Teej (Jan 14, 2012)

You can try a small, local bank. Mine will as long as the mobile home is on a permanent foundation. Most conventional loans require 20% down though, at least that's what a friend of mine is finding in her quest for a new home.


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## mreynolds (Jan 1, 2015)

Maybe a credit union?


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## po boy (Jul 12, 2010)

Tall Grille said:


> Is there a good source for financing a mobile home on its own land. We are looking at a mobile, on its own foundation on 40 acres in Maine. I am looking at putting 10% down and could do a 20 year loan but the bank we have been working with won't touch it. I was also looking at a 1911 farm house on 26 acres that the same bank won't touch because of an old mobile on the property, they want it removed but I am thinking chicken coop/ grain storage. What are the options for financing a mobile?


With 40 acres the land to home value may be too high.
FHA will do manufactured homes......
Some Conventional lenders will.

Couple mobile home lenders. rates will be higher than Conventional and Govy Loans
Vanderbilt Mortgage
21st Mortgage Corp
Look at some of these lenders and do your due diligence.

Couple mobile home lenders


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## Fishindude (May 19, 2015)

Sounds like the problem isn't the mobile home, but maybe that you will be taking on more debt than you would have equity. I know it's kind of common these days to do 10% or less down payments but that may still have you in a situation of owing more than what the property could be resold for.

If something goes wrong and you can't make payments, a bank needs to be able to kick you out and sell things for at least enough to pay off what is owed to them. I'd keep saving till you can put at least 20% down payment and look for a place that already has a home on it.


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## Tall Grille (May 4, 2011)

The frustrating thing is they will loan me $350,000 for a McMansion in a Yuppy development but that is not what we want. I found a local bank that might work with us.


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