Here is our situation.
We currently live in a manufactured (mobile) home on about 6 acres. We bought the place with the intention of building a new home on the property and that time has come.
So we want to build a new home and sell the mobile home and have it moved off the property. The mobile home is categorized as real property (i think that's the term, but the county considers it part of the land and thus we only get taxed on that plus improvements). So we do not pay property tax on the land and additional property tax on the trailer.
Anyways, we are curious about a construction to permanent loan while using a combo of cash and the value of the land as a down payment / collateral.
Is that possible with the mobile home still on the property?; Would we have to have an agreement in place to sell the mobile home? Have it re-titled so it could be moved from the property?
Any ideas on how that would work.
We currently live in a manufactured (mobile) home on about 6 acres. We bought the place with the intention of building a new home on the property and that time has come.
So we want to build a new home and sell the mobile home and have it moved off the property. The mobile home is categorized as real property (i think that's the term, but the county considers it part of the land and thus we only get taxed on that plus improvements). So we do not pay property tax on the land and additional property tax on the trailer.
Anyways, we are curious about a construction to permanent loan while using a combo of cash and the value of the land as a down payment / collateral.
Is that possible with the mobile home still on the property?; Would we have to have an agreement in place to sell the mobile home? Have it re-titled so it could be moved from the property?
Any ideas on how that would work.