Put a Manufactured or Mobile Home on Your Land with $0 Cash Down

Provide the current or prior-year tax assessment in the customer’s name. If you do not have the assessment or believe the land is worth more, Bobby can order an independent land appraisal, paid out of pocket by the customer.

Lenders use a specialized plans-and-specs appraisal through DATA COMP to verify the market value of the manufactured home independently of the land asset. Bobby will order the appraisal, which must be paid out of pocket by the customer. The appraiser will inspect the home on the lot, and the appraisal will be completed subject to delivery and set.

The home must appraise at or above the final sales price. The appraisal is for the home only and will not take current or future land improvements into account.

A title search or abstract is required to confirm ownership and verify that the land is free and clear of active mortgages, tax liens, judgments, or other liens. No title insurance policy is required. Bobby will order the title search or abstract.

Up to $25,000 in eligible land improvements may be added to the sales price or financed directly into the loan amount. Examples may include permits, utility hookups, electrical service or a light pole, well installation, septic systems, and other eligible improvements. If the customer wants to finance the improvements into the loan amount, an estimate from the local company that will complete the work is required.

For eligible transactions, a seller-paid credit equal to 4% of the customer’s loan amount may lower the customer’s interest rate by 1%. The amount may be added to the sales price, subject to appraisal, program, and lender limits. Bobby can provide the appropriate purchase-agreement wording for the transaction.

Yes. Eligible equity in land you own free and clear may be applied toward the required down payment. If the eligible land equity covers the full down-payment requirement, the transaction may require $0 cash down from the customer.

Yes. Specialized manufactured home lenders offer these programs. At themobilehomeloanguy.com, Bobby Jay works directly with niche lenders that accept eligible land equity toward the required down payment, subject to lender guidelines and approval.

No. The land-in-lieu program is a specialized chattel, home-only program that uses eligible customer-owned land as additional collateral.

Gifted or inherited land may be eligible once the deed has been legally transferred into the customer’s name and the land is owned free and clear, subject to documentation, underwriting, and lender approval.

Yes. Under current Land-In-Lieu guidelines, the land must be owned free and clear. There can be no active mortgages, liens, or land-contract balances remaining on the property.

Value is established using a current or prior-year local tax assessment in the customer’s name. If a higher valuation is needed to cover the down payment, Bobby can order an independent land appraisal paid out of pocket by the customer.

Yes. The Land-In-Lieu program may allow eligible pre-owned manufactured homes built in 1977 or newer that have been moved more than once, subject to the home, title, condition, appraisal, documentation, lender requirements, and final approval.

Yes. Qualifying second homes require a minimum 625 credit score and 15% down, with at least 10% from eligible land equity. The customer must own a primary residence, and the new home must be placed at a different address on separate land. A home placed on the same land or at the same address as the primary residence is classified as a Buy-For transaction and is not eligible.

Yes. Eligible closing costs may be financed directly into the loan package, minimizing the cash needed at closing, subject to current program requirements and final approval.

No. One of the primary benefits of the Land-In-Lieu structure is that it does not require PMI, which avoids adding a monthly private mortgage insurance charge to the customer’s payment.