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Can I find a land only mortgage?

Profile picture for tscook
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.
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August 01 2009 - Fremont
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Answers (4)

Profile picture for LUXURY HOME LOANS CA
Chris,

Please sit down with Frank Fuentes ever chance you get. Absorb the knowledge. Please tell him I said Hi. ..... Happy funding, Rudi
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August 06 2009
Profile picture for cthomson77
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.
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August 06 2009
Profile picture for tscook
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.
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August 03 2009
Profile picture for LUXURY HOME LOANS CA
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
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August 01 2009
 

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