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Can I find a land only mortgage?

In Oct. 2007 I bought property via land contract. It has a 1972 mobile home on it that we're renovating but before doing an addition and roof-over, I want the property in our name. The property is on a cul-de-sac in the country, 1/2 acre, fenced with outbuildings, city sewer. Apparaisal prior to the city sewer in 2/2002 was $35000. I would like a mortgage for $40k thru 45k.
TIA for any help.
  • August 01 2009 - Fremont
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Answers (4)

Chris,

Please sit down with Frank Fuentes ever chance you get. Absorb the knowledge. Please tell him I said Hi. ..... Happy funding, Rudi
  • August 06 2009
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Might be possible on an FHA purchase as they will finance manufactured homes as long as it passes engineering.  Other than that, even "private money" lenders may have a problem with this deal if it doesn't present enough value.
Sorry.
  • August 06 2009
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Removing the structures is out of the question. According to my bank, the lot mortgage requirements have changed a lot.... not for the good in my case. We're exploring other options. Thanks for your advice though.
  • August 03 2009
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If you want a land loan you will need to remove all dwellings and "outbuidings" from the property beforehand. You will also need 50% equity in the property.

If you want to buy the property as a rehab consult with some of your local smaller banks. If Community Commerce Bank does business in OH that would be my first call. .... Good luck, Rudi Hofmann
  • August 01 2009
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