Is it possible to get hold of one home mortgage, that includes two properties, a house and a mobile home trailer?
two properties on one lot of land, just over an acre.
Answers:
Although it may depend on the state/county that the property is located, my experience surrounded by the mortgage industry has proven it to be extremely difficult for the following reasons: Unless the structure(s) are ineradicably attached, i.e. a duplex or condo, then each dwelling is considered its' own entity and and so, must be individually mortgaged. In addition, most banks will not mortgage a mobile home unless it is for always fixed to the property itself; In other words, unless the "mobile" aspect of the trailer is removed, then the banks won't typically embezzle the risk since it could literally disappear overnight. In some instances, especially in rural areas, people in reality knock out a wall of the house and attach the trailer as an addition as if it were in recent times a construction addition adding square footage to the home....however, it would requirement to be approved first by way of builder inspection and meet code, plus the lender's approval.
Related Questions:
How do I pursue mortgage broker training? Can I work from home?
I am considering pursuing work as a mortgage loan broker. I have always be a very aggressive sales character when I worked in that field so I am confident I could do economically at it. I am degreed and motivated but do...
Answers:
Although it may depend on the state/county that the property is located, my experience surrounded by the mortgage industry has proven it to be extremely difficult for the following reasons: Unless the structure(s) are ineradicably attached, i.e. a duplex or condo, then each dwelling is considered its' own entity and and so, must be individually mortgaged. In addition, most banks will not mortgage a mobile home unless it is for always fixed to the property itself; In other words, unless the "mobile" aspect of the trailer is removed, then the banks won't typically embezzle the risk since it could literally disappear overnight. In some instances, especially in rural areas, people in reality knock out a wall of the house and attach the trailer as an addition as if it were in recent times a construction addition adding square footage to the home....however, it would requirement to be approved first by way of builder inspection and meet code, plus the lender's approval.
Related Questions:
How do I pursue mortgage broker training? Can I work from home?
I am considering pursuing work as a mortgage loan broker. I have always be a very aggressive sales character when I worked in that field so I am confident I could do economically at it. I am degreed and motivated but do...