Can I take out a home loan for land?

“I have been searching online to see if I can take out a home loan just for land? By home loan I mean a loan for a home and not a personal property loan like on a trailer court. Am I qualified for a home loan? I want to keep the loan as cheap as can be, so I want to purchase a piece of land. Will this work as a home loan if its on private land?

-Pete”

Home Loans for Land

Home Loans for Land?

I am not sure I completely understand your question but I believe in order to carry a home loan there must be a parcel of land involved as well as a structure. I would say you’d have a problem receiving a home loan in a trailer park, because of the fact that it’s a common business practice in trailer parks to rent out spaces, not sell them.

You probably qualify for a loan, I’m just not sure which one. I suggest contacting a local mortgage broker because he/she would be able to supply you with the best advise, on which loan to obtain.

I believe lenders don’t value mobile homes the same as permanent homes. The main reason why they don’t, is because mobile homes normally lose value, where as permanent homes could appreciate in value. When dealing with lenders you’re more likely to be presented with a 90% or less loan, if you have good credit. I highly doubt you would be able to find 100% financing for a mobile home. Either way your interest rate will probably be higher on a mobile home.

If you are buying this as an investment (in your own future, not as an investment property) you should look into a modular home. Anything but a mobile. You won’t get out what you put into a mobile. That said, there are some very nice mobile homes out there.

Hoped this helps you with your real estate site and feel free to Contact Us with any question you may have.

-Walter Grande

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