Hi-a realtor said that I could buy mobile homes w/ land with rural housing monies allowing 100% financing. Does rural housing financing allow for investment properties or just owner occupied-since I’m purchasing for investment purposes. Can you buy mobile home parks with this type of financing too? Any insight is greatly appreciated.
Is the realtor referring to the USDA loans?
I don’t know-they didn’t say. Sounds like it from what I’ve read online.
Hello Hannah,
According to my mortgage broker USDA will only finance a new manufactured home.
Your best bet is to find a small local bank that might give you a loan or try to finance the land only if the land value is high enough. Tough to find investor loans for land homes these days.
I am actually going to make the rounds to several small local banks tomorrow and try to find a lender willing to work with me on land homes.
Regards,
ShawnNC