Financing for MH without land

[Sam Levin]

I am interested in purchasing a 1991 Palm Harbor home but, for the time being, I'm going to rent land to put it on. As I understand, it is very difficult to get a mortgage for this type of arrangement. Does anyone have any good recommendations?
Thanks in advance

[rmurray]

Try the finace request site here...You will have to have very good credit..a reasonable downpayment and expect to pay a high rate...That in mind you should have no problem..

[D. Abben]

However, the higher rate is due to most lenders viewing this as a personal property loan and not a mortgage(That why the rates are higher). With good credit, rates as low as 6.99% exist with a reasonable down payment. Also, whatever interest rate exists for a customer, a 1098 at the end of the year is sent to the customer for tax writeoff for all interest you paid. I would interigate the retailer you are working with to what lenders they use, avoid those who use service companies, and ask what local banks will do Chattell loans on an individual basis.(You will be surprised). This will help you to avoid any closing costs, because if you are just buying the home, they should be at an absolute minimum and avoid any rate bumps by going through a service company. Also, if your park plans for your home are short term, most lenders will not charge you a prepayment penalty as most chattell loans(home only) are simple interest.

Good Luck!!!