Mobile Home Land Financing: About Land-Only Loans

Buying a manufactured home isn’t always just about buying the house itself. Depending on your goals, it might also mean buying the land for the home – and that’s not always included in your home loan.

While land-and-home financing is often available from lenders today, what if you want to buy land before placing a new manufactured house to make sure you have the perfect spot for your future home? Or what if you want to attach your current home to a permanent foundation? In these cases, and more, a land-only loan could be the best solution.

Today, we’ll explore why loans that finance land for a mobile or manufactured home can be advantageous, and how to get financing with 21st Mortgage.

Can You Get Financing for Land to Place a Mobile Home on Later?

Yes, you can get financing to purchase land by itself for a manufactured home. These are typically referred to as land loans or, more generally, as land-only loans.

Unlike loans for site-built homes, which often transfer ownership of the house and land together, land loans are structured to help you acquire only the parcel of land. In this way, land loans give you the freedom to install your home later. This is great if you want to buy a plot with the intent of placing a manufactured or mobile home on it at some point in the future.

You can finance land for a manufactured home or mobile home through a variety of lenders. However, not all lenders offer tailored solutions for the unique needs of mobile home buyers.

At 21st Mortgage, our specialized team has a deep understanding of the manufactured housing market. We offer loan solutions specifically tailored for purchasing land tied to mobile or manufactured homes.

How Are Land Loans Different from Mobile Home-Only Financing?

The main difference between land loans and mobile home-only financing lies in what the loan truly covers.

• A mobile home-only loan provides financing for the manufactured home itself, which is often treated as personal property (especially if it is not affixed to land). Sometimes called chattel loans, these loans are similar in structure to an auto loan and usually come with different rates and terms compared to a traditional mortgage.
• In contrast, a land  loan covers the cost of just purchasing the land. This type of financing can be used independently if you already have a mobile home or in tandem with a loan for the home itself.

If both the land and home are financed together, the complete package may qualify as real property, potentially offering a different set of loan terms.

New manufactured home and used mobile home land financing can be slightly more complex due to the variables involved – zoning, land use, access to utilities, and infrastructure all come into play. With the right lender and guidance, though, they can be a smart and effective option for those looking to own both their home and the land it sits on.

Does 21st Mortgage Offer Manufactured Home Land Loans?

Yes, 21st Mortgage offers land-only loans for customers planning to place a manufactured or mobile home on their property. These loans are tailored to support buyers through every step of the manufactured home buying process.

Unlike some lenders that require a traditional home structure or fixed foundation before considering a land loan, 21st Mortgage understands the unique requirements, laws, and timelines involved with manufactured housing.

Whether you're purchasing land before your manufactured home is ready or preparing to combine both purchases under one financing umbrella, our flexible lending options are structured to meet your needs.

How Do I Apply for Land-Only Financing?

Applying for a land-only loan with 21st Mortgage is a straightforward process, but it's important to come prepared. To get started, you’ll need:

• A completed credit review. This includes information about your income, employment, debt-to-income ratio, and financial history.
• A purchase agreement or land sales contract. This outlines the terms of the land purchase, including price, seller information, and location.
• Proof of income. Recent pay stubs, tax returns, or bank statements help lenders assess your ability to repay.
• Identification and residency documentation. A valid ID and proof of current address are needed.
• A site evaluation. Depending on the location, a professional inspector may need to confirm zoning, road access, and utility availability to ensure the land is suitable for residential use.

With those documents at hand, you’re ready to fill out an application. In some cases, you may be required to provide a down payment – usually between 5% and 20%, depending on your credit score and the loan amount.

Interest rates and terms can vary, but land-only loans through 21st Mortgage are designed with manufactured home buyers in mind. Because of this, they often allow for longer repayment periods compared to personal property loans.

Contact 21st Mortgage About Our Land-Only Financing Packages

If you're ready to move forward or want more personalized guidance, 21st Mortgage is here to help. With the nation’s leading mobile home loan programs, we offer a wide range of land-only financing options to match your budget, timeline, and homeownership goals.

Our Land Only Financing Program is perfect for a variety of projects for both unimproved and partially improved properties, with low down payment minimum requirements and accessible credit score thresholds. We also offer fixed rates with no prepayment penalties.

Whether you're looking to lock down the land for a future build or thinking about financing both the home and land together, our experienced team will walk you through every step. Reach out to learn more about mobile home land financing or explore specific loan packages that are perfect for your situation.