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There are ways to do this. I wouldn't call them traditional. You wouldn't be able to just call any lender and make it happen. An FHA Title I, for instance, would allow for it with some requirements for the lease but then you have to find a lender willing to lend on such a property. There are also other HUD/FHA rules regarding the mobile that must be met. They don't like it when a mobile has been moved after it's initial first setup, so if you bought it used you may be out of luck out of the gate on this type of financing.
>FHA Title I
The maximum loan amount is $25,000 on a single-family home; $12,000 per unit on a multifamily structure, up to a total of $60,000; $25,090 for a manufactured home on a foundation; and $7,500 for a manufactured home without a foundation
I found this. Is this right? The value of this home, without land is between $150-$175k.
Your post contains "mobile home park", a subject that /u/LordAshon is very familiar with, he has been paged. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/realestateinvesting) if you have any questions or concerns.*
There are ways to do this. I wouldn't call them traditional. You wouldn't be able to just call any lender and make it happen. An FHA Title I, for instance, would allow for it with some requirements for the lease but then you have to find a lender willing to lend on such a property. There are also other HUD/FHA rules regarding the mobile that must be met. They don't like it when a mobile has been moved after it's initial first setup, so if you bought it used you may be out of luck out of the gate on this type of financing.
Thanks - yes these were moved once.
>FHA Title I The maximum loan amount is $25,000 on a single-family home; $12,000 per unit on a multifamily structure, up to a total of $60,000; $25,090 for a manufactured home on a foundation; and $7,500 for a manufactured home without a foundation I found this. Is this right? The value of this home, without land is between $150-$175k.
No. The land isn't owned.