buying without land

[cueva]

I am interested in buying a Manufactured home on rented land. I did not know there was a seperate loan process you had to go through to be approved. I was approved for a loan through Bank of America- but now am questioning this approval because the home is located on rented land. HELP!

[rmurray]

B pf A does not mortgage manufactured homes in land lease communities...You can get repproved at the finance section of this web site...There are many lenders available there that specialize in this kind of loan....Also yoour dealer will have arrangments with many lenders...

[bespeck]

Since when doesn't B of A finance manufactured homes? We just paid ours off to them and it was financed five years ago and we live in a park. Granted, I am still holding their check to record the release of lien that no county, state agency has record of. So if anyone knows where in Rhode Island they record liens when a home if financed. I've done nothing but run around and call everyone to find out where in the world it's recorded.

[rmurray]

Most folks want traditional mh finance...20 to 30 year term w/ small downs..10% or so....

Almost any bank will do 5 year term if you have good credit and strong equity...To them it is like auto loans which they do well....Good luck with your lien release...I would expect this is handled by the agency that issues titles..

[bespeck]

We financed our home through B of A and paid it off in five years. It was financed for 15 years through their mortgage department. That said, we were paying 8 percent which I don't know is good or bad considering when we financed it. Plus we put 30 percent down. It's a good point that maybe they won't finance over 30 years. In Rhode Island, it's wasn't classified as personal property but as real property, or at least that is how it is taxed. I know they had to have filed that lien somewhere and B of A certainly thinks it was titled just like a vehicle because the check is made out to the Motor Vehicle Department. Not only can DMV find no record of a lien but no title either because they don't title mobile homes. Or so three different people have verified that to me. We'll see when we go to sell it.

[rmurray]

B of A was for a while one of the largest lenders in the business...Slippery dealers loaded them with bad paper and about the time you bought was the time they exited the bisiness..When you bought they had the best deal in the country...The rate you paid was excellent at the time....Glad it worked out for you and your dealer steered you in the right direction....

As far as the title lien is concerned..call a local title search firm (those the do real estate title searches) and ask them where the lien release should be filed...Your park manager should know as well...

Good Luck with the sale of your home and your move....I saw a post where J Grissim directly responded to your question about his Guides.....What great service...Remember the finance section of this web site and the home finder section for the area of the country you are moving...The home finder service will forward your inquiry to interested dealers...Also checkout the Yellow Pages section of this site for dealer listings in the same area....