How to Buy Land for a Manufactured Home. Once you've picked out your manufactured home, you'll need a place to put it. Follow these steps to find the right place for your new home.
Decide where you want to live. If you want to live in a mobile home park, you may have some difficulty - vacant spaces are often at a premium. You may have to look outside metropolitan areas for vacant parcels.
Decide how much land you need. Do you want to set up a farm or ranch and have lots of space for animals? Or do you want just enough room for your home and a small yard?
Check the local newspaper for Land for Sale listings if you are interested in living on a parcel of land, whether big or small. Call a local real estate company, drive around areas you like and look for For Sale signs.
See if there are other manufactured homes in the area. If not, you may have difficulty obtaining financing or refinancing. Lenders like to see continuity in an area in which they are going to lend.
Get a loan; start with your own lending institution, then check the yellow pages under Banks, Savings & Loans and Real Estate loans. Also check on the Internet.
Make your offer directly to the owner if there is no agent involved in the transaction; otherwise, have an agent write the offer for you or give your offer to the agent representing the seller.
When looking for a land loan, consider a loan that will cover the purchase of the land and the manufactured home all in one. A lender may be more willing to lend money if it has the additional collateral of the home; land with a home on it is easier to sell than "raw" land. You'll probably have better luck with smaller, local lending institutions, but the number of lenders that lend money for land purchases has decreased drastically. Lenders who do land loans typically require a down payment of 30 to 50 percent of the purchase price and may or may not require the loan to be paid off before you are able to build (subordination clause). If you see a vacant parcel of land in a development or in an area you like, but it's not for sale, get the owner's information from the county recorder's office or a local title insurance or escrow company and contact him about selling.
Make sure the land you're considering is suitable for a manufactured home. Is there water, electric power and sewer nearby, or will you have to dig a well and put in a septic system? Check with the local zoning department to see if the land is in a flood zone; properties in flood zones are required by the lender to have flood insurance. Homes in flood zones may have to be built up on a higher foundation. Check local zoning ordinances regarding manufactured homes. Parcels in subdivisions often prohibit manufactured homes.