Home Buying in Placerville>Question Details

frankfooter1…, Home Buyer in Placerville, CA

Can we use a modular home as collateral to get a bank loan to buy land?

Asked by frankfooter1965, Placerville, CA Tue Feb 5, 2013

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Margaret Holland’s answer
I believe they'd consider the modular personal property. Especially since you are planning on moving it. It's tough getting loans on modular homes. They have to be on permanent foundations and meet certain guidelines but never say never. No pressure but like I said, if you'd like to send me a private email I'll send you some local lender contact's that would be better at answering your questions.
0 votes Thank Flag Link Tue Feb 5, 2013
Hi Margaret, thank you for your feedback. I would like more info.. Please feel free to send many any info you might think would be helpful.
Thanks again
Flag Tue Feb 5, 2013
The modular home is on my in laws property in Chico, CA. The home is paid for. We were curious if we could possibly move the home to land that we would like to purchase in Placerville, CA. We would like to use the home as collateral to possibly secure a loan to purchase land and the cost of moving the home. I think the fact that the property the home is on, is not ours, we have an issue? Also, are banks reluctant to approve loans with a modular home as collateral?
Thank You
0 votes Thank Flag Link Tue Feb 5, 2013
Assuming you have no debt on the home and it is relatively new, you should be able to borrow on it for this purpose.
0 votes Thank Flag Link Tue Feb 5, 2013
I'm with Margaret - we need a few more questions answered before we can give you a porper answer. Are you trying to use a mobile home as a down payment? Are you wanting to take out an equity line of credit on your permanent foundation modular home? Give us your full scenario and we'll see if we can help.
0 votes Thank Flag Link Tue Feb 5, 2013
Is your modular home on a permanent foundation? Do you have equity in the property? I'm not a lender but these are the first thoughts that come to mind, that and maybe using a hard money lender. However give us more details. I'm curious to see the responses you get. PS feel free to email or call me and I'd be happy to give you some numbers for local lenders.
0 votes Thank Flag Link Tue Feb 5, 2013
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