MH with land lenders

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Joined: Tue Sep 17, 2013 7:51 am

MH with land lenders

Post by tiggs4e » Tue Sep 17, 2013 8:01 am

We are trying to purchase a manufactured home on 40 acres of land in Central California. We are prequalified for the asking amount but at the last minute the lender said we needed 20% down and we just don't have that kind of cash. Are there lenders who do not require 20% down for a MH with land? And can you steer us to them?

Thanks for any help you can give.

David Oxhandler
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Joined: Tue Oct 02, 2007 8:37 am

Re: MH with land lenders

Post by David Oxhandler » Tue Sep 17, 2013 9:38 am

Residential lending is the tightest it has been in the last 50 years. Lenders have very tight requirements at this time for all types of mortgage loans. It might pay to try lenders that specialize in manufactured housing. You can get free Mortgage Quotes from Multiple Lenders that are in the business of granting mortgages for manufactured homes at the MH LOAN FINDER SERVICE.
David Oxhandler
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Re: MH with land lenders

Post by Celtlund » Tue Sep 17, 2013 4:32 pm

Check with some local mortgage brokers. If you are eligible for a VA loan or qualify for a FHA loan you may be able to find a lender who will give you a loan for 10% down or less.

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