Moving a manufactured home to land

[Beth]

Hi, my husband and I currently own a manufactured home we bought a couple years ago. We are located in a park and still owe about $26,000 on the home. We have been playing around with the idea of buying our own land and moving our home there and are wondering if anyone has had experience with this. Most specifically we would like to know whether you can refinance your current mortgage to include your land, moving your home, setup and all the other costs (well, septic, basement, etc) We did some figuring and this option would be much more affordable to us than trying to sell our current home and purchasing an already existing home of the type and size we want in our area. I know our interest rate probably would not be very good and we would still need a substantial downpayment, but it would still be cheaper in the long run. Our main obstacle is still the money we owe, the park we live in will not let you remove your house unless it is paid off, but if we refinance we could "pay off" the house even though technically we are still borrowing money on it, right? Or am I wrong on this?

Thanks for any info!

Beth

[Bill Fry]

You would do much better selling it(if possible) and starting anew.However,selling in a park is not easy as the new owner might have problems finding lending sources.Also your park has a rather strange requirement,no move until its paid??I think that would be rather hard to enforce.
If you were dealing with a new MH with a conviential morgtage all things you mentioned would be possible.(there would be no moving cost)
As for borrowing money on your present home it is in a park which means it has no real value(equity).Property(land and location) is what gives a home value for the most part.