Wanting a stick built home to replace Manufactured home on property, with a current mortgage?

Question

I have a mortgage on 5 arces with a manufactured home and would like to know what is the best way to go about. I bought it appox. 3 years ago. What do I do with the Manufactured home. Do I use the equity to rebuild or should I save for a down payment. How much will my payment go up with a new home of 2000sq ft.

Answer 1

This is an impossible question to answer....first off, not everywhere in the US has the same criteria for mobile homes and regular homes. not every lender is willing to lend money for a new home, on a mobile homes site. You have very little equity (none in the mobile home) and land prices differ from state to state, city to city, etc. We don't know your credit score (and please keep it to yourself) and don't know who your lender will be, or what the newest interest rate will be by the time your house is built.
You need to have a thought on your own, do your own research, in your town/city/county/state. In other words...be a grownup and don't ask stupid questions NO one can answer, because you're lazy...
Good luck !!!

Answer 2

These are all questions for your banker. My son-in-law had a similar circumstance. He kept his manufactured home and moved it over to the other side of a 17 acre parcel. He then rented it out. It makes more then half of his new payment. He's moving another one onto the property soon. He put in an outside furnace, hardwood burner and, it serves both places giving them the heat for free. He'll make it three soon. You can imagine the people that want to rent from him.

Answer 3

manufactured home? do you mean a trailer or a double wide or a modular home. a double wide and modular could be sold and moved to a new location as well as the trailer. if you want privacy and dont need the rental income get rid of it build new. check with the bank on mortgage rates cant help you there...