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What Type of Loan for Land Prep/Mobile Home?
I am sure there is an appropriate loan for this, but I'm not quite sure which type we're looking for.
We own our land outright, free and clear. Assessment is $20k. We would like to purchase a new manufactured (mobile) home, permanently sited. We would need to have grading work done on the land, and we would need to have a foundation put in. That would cost about $15k. We'd like a loan for the price of the trailer ($32k), and the prep work (about $15k). We would ideally like an option that didn't involve a mortgage and down payment. We don't have a lot of cash free right now.
Credit is just under the 700 mark. We recently paid off a different $18k loan, perfect on the track record, never late on a payment. Income is about $60k per year.
A few folks suggested a personal loan for the $47k might be appropriate. Seems like a big # for a personal loan though. But I don't really know. Educated thoughts?
Should have said also - We could come up with the few thousand dollars down payment on the $32k mobile home if that were the only option. It's just that we're after the best, and least cash-heavy solution to the whole thing. And we actually *will* be visiting the bank to talk to a loan officer in a few weeks. Just wanted to get an idea.
3 Answers
- godgedLv 71 decade agoFavorite Answer
A personal loan is going to be at a much higher interest rate than any sort of secured loan you can obtain. And the interest will not be tax deductible.
Contact lenders and see what they can offer you, but this might be very challenging to obtain.
Source(s): Oregon Realtor - clarLv 44 years ago
you could take a private mortgage for the land. the cellular domicile may well be a loan. you like a great credit and vast earnings to attend to the two loans. then you definately want a minimum of 50k money to coach the land for the cellular domicile. commencing place, septic, leech container, properly, driveway and bringing in power poles.
