placing repo on land/financing

[marie]

My husband and I are considering buying a MH up to 5 yrs old and puting it on acreage. This would be our home for a couple of years until we build and then it would become a guest house. We live in SW Missouri where there are tons of MH and I am sure banks loan on them as land/home packages. My question is if we buy a piece of land and a used MH from a dealer will the bank loan on them both plus setup as a construction or land/home loan or will we have to finance each separately? thanks again for your help.

[rmurray]

There are plans to finance these homes just as if they were new...FHA..does not finance used homes..but there are many conventional mortgages that will...If the home is a multisection..and permanently set up..

You used the term acreage...Most mortgages are for primary housing..not farms..most lenders restrict the cost of the property to a percentage of the loan..30 to 50%,,OR restrict the size of the property to 5 acres,...Remember too...this mortgage will have to be paid before you can borrow any money to build that home...

There are rural loans available for large acreage from specialized lenders..

That said...one thing I have seen often is plans like your seem to take years longer than the original thinking...Be sure you buy a home that will suit your needs for many years to come..Good Luck