Moving mobile home to land

[Jeff]

I currently have a double wide mobile home in a park. My wife and I are in the process of purchasing land to move the home to, but we are having difficulty finding lending institutions that provide financing for moving the house and lot improvements. Once we have the construction completed we would like to rooll the construction loan into a traditional mortgage. Does anyone have any ideas? We wish to move the house from Burton, Michigan to Fenton, Michigan.

[rmurray]

Yes...talk to a good loan originator at a mortgage company...This is usually done by arranging permanent financing first...then getting a bridge loan (constuction loan) that will pay off your current home...pay for the move..payoff the land..pay for planed improvements..

Because of a quirk in the mortgage system...you will have to treat this like the new purchase of a used multisection home..which means the you will have to invest from 5 to 10% of the total loan in cash..

[cheryl]

Hello we are tring to do this now. The problem I am having is this...
They will finance the home land well septic and move but will cap off the improvments at $17,000 which doesn't leave much room for a basement.
Well try vanderbilt mortgage 1800 555-5035 or 21st centry mortgage
they all do it .
I have been approved form both for this project credit score needs to be good though it you have at the least a 660 you shouldn't have any problems Let me know how you made out

Cheryl