Q: I want to buy property and have a manufactured home put on it. What type of mortgage should I be looking for? Genevieve
A: Hi Genevieve,
The best way to get a mortgage for this is to arrange it so that you take title to the land and the manufactured home at the same time and get a mortgage at the time that the manufactured home has been placed on the property. You may be able to get a mortgage up to 95% financing for a manufacture home mortgage if this is the case, minimizing the amount of down payment required.
You can usually arrange with manufactured home companies to pay them once the mortgage funds come in a few days after the home has been set up. The home would be set up and completed a few days before the completion date of the land purchase which will give time for the lender to arrange an appraiser to inspect the building and confirm it is ready to be lived in and confirm the value.
It is even easier if the manufactured home seller owns the land themselves as you only have to deal with one seller instead of organizing both sellers to ensure both of their requested timeframes can be met.
A manufactured home is not to be confused with a trailer as these mortgages can be different. In fact, some lenders still don’t lend on manufactured homes at all.
Feel free to contact me if you have any further questions!