Home loan for land and manufactured home?

By home loan I mean a home loan and not a personal property loan like on a trailer home/manufactured home in a trailer court. I qualified for a home loan and I want to keep it cheap, so I want to purchase a piece of land and a manufactured home. Will this work as a home loan if its on private land?

I'm researching the guidelines. I know FHA will do loans on Manufactured homes as long as they're deeded as real estate. Meaning, they are set up on a permanent foundation. All wheels and axels must be removed.

Give me a sec to research the option of purchasing the land and having the home set up yourself.

Here's the thing. With a home loan, you can purchase a double-wide that is already set up on land and is deeded as real estate.

If you are wanting to purchase land and then purchase a double-wide and have it moved to your land, that is something that doesn't qualify under FHA guidelines.

Also, even though FHA guidelines allow for manufactured housing, some lenders will not finance them. There are many stipulations that lenders look at. Also, in this economy especially, double-wides usually don't increase in value as quickly as a stick built home. The reason being, is a double-wide is kinda viewed like a car. As soon as it goes off the lot it decreases in value.

I hope this helps. Again, if you have been approved and have chosen a lender, I would consult that lender to see if it is something they do there.

Also check out this site. they have great loans/plans to use if you qualify and the place where the land is qualifies too.

http://www.rurdev.usda.gov/rhs/
It is the Rural Development division of the USDA

Aha! Thanks Count. Yes...USDA loans do allow this. Check and see if your lender is licensed to do USDA loans. I know we do them here.

Sassy, so exactly how do those work? I know there are 2 different kinds the direct and the guaranteed loans. Does the direct come from the usda or do you have to go to a lender for both? I know when I was looking into getting a home, I had to go to the local USDA office and fill out the paperwork there.

Direct comes from USDA only. It has more restrictions and is more income based. Guaranteed comes from lenders that are licensed to do USDA loans. It is less restrictive and doesn't have as many requirements.

I hope that helps.

Yeah it helps out. I will probably be using one of them next year when I am wanting to buy a house.

When we got our loan for our cabin at the time it was ok. We put a park model mobile home on our land (the mobile home is built better than the house we are in right now). As long as we had it on a concrete slab and had the hurricane straps set ( i'm in WI, hurricane straps???lol). But now when we tried to refinance it to lower the interest rate, no one is lending for these types of loans. At least outside lenders. Then they checked with their inside lenders (whatever that means) and the interest rate is higher on man. homes than what we are paying. I haven't checked out that link yet, maybe I should. It is in a rural area.

You would have to check with your lender to see if that counts. We checked into something else before we signed papers and the bank said the loan was already approved for this type of home and if we wanted something else we would have to reapply for a different loan.

With a usda direct loan for new construction does the contractor purchase the land and offer the complete package or does the buyer purchase the land with USDA funds?

I am not sure. The following is a link to USDA home loan division. You should be able to find your answer there.

http://www.rurdev.usda.gov/rhs/common/indiv_intro.htm

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