I don't know if this is the right sub to ask, but how does buying land followed by a mobile home work? Me and my wife were considering going this route with the estimated total running us roughly 200k total (85k for the land and $111k plus miscellaneous costs like title and survey) which we were initally approved for up to 250k when we were shopping for homes that already come with the land. However, our loan officer said that going the alternate route would be different and would require that we have to put 20% as a down payment, totaling 40k. Unfortunately, I only have 31k at the moment plus maybe 2k in cash, so I cant afford it. Is there some other route to go? Would going with a different bank/loan company possibly lower the down payment requirement? I''d appreciate any insight into this.
PS Im located in Texas if that makes any difference
Buying a lot and then installing a manufactured home.
byu/YaBoyAiden445 inRealEstate
Posted by YaBoyAiden445
3 Comments
Looking forward to hearing what folks say to you bc this is exactly what I want to do in NY bc it would be cheaper than a condo
Manufactured homes do not get the same financing. You will more than likely have to get a loan for the land 20% down is typical.
Then buy a mobile home cash older one and fix it up. Or finance one from the dealerships that sell them (higher rate and shorter terms).
You have to check zoning as well some places especially with HOA will not allow mobile homes.
I live in Texas and have owned mobile homes and houses.
You need a lot zoned for a manufactured home as plus access to electricity, water and sewage. Don’t forget the cost for a foundation and moving the home onto the lot.