Banks have 2 options in our state. If the mobile has been converted to Real Estate,then they can take it with the land . It is now an improvement and considered Real Estate. If it is not transferred or can not be transferred to Real Estate, the bank can give you a Real estate loan on the land and take the title to the mobile home and give you a second loan against it. The land with mobile home together has the most value. We do it both ways here in Ohio. There are a lot of people that haven't converted the mobile homes to Real Estate because they save some on taxes. Banks make them surrender the title and convert them here. The criteria for them to be converted is different in all areas,but most insist they be on some sort of sewer and water,with a permanent foundation. Hope this helps.This not typically a loan to take to mortgage brokers. Hometown type banks would be your best bet.
It is going to depend on the bank. Some banks have had bad experiences with mobile home lending and therefore don't lend on them anymore.
Most mobile home dealers either can tell you which banks will loan on a mobile home or they willprovide other lenders for what is called a land/home package.
Bottom line is that this is very doable.
Hope that helps
No comments:
Post a Comment