Financing

[Amy]

Are there any companies our there that will finance the new manufactured home we want to buy, and the permits, foundation, septic, etc.? We own fifty acres in No. California. One company told me they don't finance anything over ten acres, but couldn't tell me why. Many have told me that they will finance just the home itself after it is all set-up. I don't have enough cash to pay for all the other items that need to be done in order to set it up, but we do have stellar credit. Any ideas? Thanks.

[Ron]

Do you own the fifty acres outright? (Mortgage free?) If you do not, it may be your mortgage requirement (to payoff existing lender) for this package may exceed your financial capability to obtain a new loan. (even with stellar credit.)

If you own the land free and clear, any large bank should be able to finance a land/home package for you. (NationsBank, in your area, including permanent foundation, well, septic, etc.)

They generally offer a construction loan, inititally, which gets the home purchased, set up, and completed. Then the construction loan converts to a permanent loan, upon homes completion and local Certificates of Occupancy have been issued.

MH dealers should have access to financing for a land/home package, also.

[Karl]

I am not sure if Wells Fargo bank operates in California, but I now it does extensive work with land/home for modulars and manufactured in other states.