Finance 20 Acres With Mobile Home
by Peg from Nebraska
Ask Kate how to finance a mobile home on 20 acres: Kate, I am looking to finance 20 acres with a mobile home on it. No one wants to loan on a mobile home that is not on a mobile home lot. No one wants to loan the money on acreage with 'just' a mobile home on it.
The mobile home has been permanently set down with the wheels taken off, built onto and is a 1997 model. Why is it so difficult? Any suggestions? I live in Nebraska and the land is at a good price.
Kate Answers: How to Finance 20 Acres with a Mobile Home
Dear Peg, Here is why financing a mobile home on 20 acres can be so difficult...
Mortgage lenders anticipate mobile homes on acreage becoming difficult to sell. So, financing mobile homes on acreage, even during a hot real estate market, has been a specialty of local banks who understand their particular real estate market or lenders charging higher interest rates.
Keep in mind, in the future as the owner of this real estate, your prospective buyer might run into similar mortgage road blocks you are experiencing today.
Suggestions for Financing a Mobile Home on Acreage
1. Many mortgage companies shy away from financing more than 5 acres. This property with 20 acres could be narrowing your financing choices. Look for lending companies who specialize in excess acreage.
2. You mentioned that the mobile home has been built onto. Does Nebraska require a final permit through a specific government agency for alterations? Alterations can include remodeling, a permanent foundation or a simple attached patio. Have you done your homework?
3. Although customs vary throughout the US, I witnessed many mobile home on excess acreage financed by the sellers.
I hope this food for thought is helpful since you might need to sell the mobile home and acreage one day as the homeowner.
Have You Seen These Ask Kate Answers
You can also ask Kate a mortgage question
or add a comment at the bottom of this page.
Beat the Bank at Its Own Game - The Mortgage Freedom Project
by Kate Ford
Hear what Suzana says after reading The Mortgage Freedom Project...
I'm following your magical steps in hopes of getting my financial situation under control. Thanks for your help!
Go here if you also want to get out of debt and pay off your mortgage early without sacrificing your lifestyle!
Tell a Friend
Please share Finance 20 Acres With Mobile Home
with your friends!
The information you obtain at this site is not, nor is it intended to be, a substitute for personalized professional advice. All numbers are estimated and are for illustrative purposes. Rates are published for convenience only, vary with no advance warning, are not guaranteed, and should not be relied upon. You are encouraged to consult a lender for a current rate quote and seek advice from qualified professionals, for example, attorneys, accountants, financial planners, housing counselors, mortgage lenders, and/or real estate agents, regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com and its owners.