My grandparents own a doublewide with a mother in law apartment in which we live. They would like us to quot;rent to ownquot; the land. We would like to take the doublewide off the lot and replace it with a modular. We do not need any construction coverage as my husband is an excavator. What kind of loan would this require?
You can't get one at all. The land has to be own free and clear first.
a real estate loan can be limited to just doing dirt moving. you must tell the bank........... be careful--most modular homes are disappointing-- too small, light weight, etc. Instead of moving a house to your site, having a house built on the lot will be MUCH better! [i have never ever known anyone seeking to buy a modular home on a lot................never in 35 yrs ]
IT would be a collateral loan to buy a new modular building, but once it was installed on the land, you could possibly qualify for a Home Mortgage Refinance of the entire property which would be at a much lower interest rate. Good Luck
