Conventional Land/Home Financing Has Benefits of Tying In Your Land Equity to Achieve Preferred Terms
Conventional land and home financing is an efficient way to finance a manufactured or modular home quickly while experiencing the benefits of tying in the land equity to achieve preferred terms.
A portion of the appraised land equity may be used to eliminate all or a portion of the down payment (land-in-lieu) requirements of a lender.
A simple land/home financing does not necessarily require the home to be installed on a foundation system.
Conventional land/home loans may require monthly mortgage insurance if the loan-to-value ratio is above 80%. Conventional loan financing is available for purchasing manufactured homes as a second home. Other manufactured home loans such as FHA, VA, and USDA are only available on primary residences.