If you buy an inexpensive mobile home and then buy a piece of land separately, would you have two mortgages?

And is that a good idea? If we found a cheap, pretty good condition mobile home in a park and then found a nice piece of land to move it to, would that be cost effective? Would having two mortgages be bad? I know we need to get a real estate agent but in the meantime I'm just exploring options. Thx for any help.If you buy an inexpensive mobile home and then buy a piece of land separately, would you have two mortgages?
Another factor of consideration will be how many times this mobile home has been moved.





Some lenders only allow a certain number of moves for a mobile home as each time it is moved, the structural integrity is compromised. FHA used to allow only 2 or 3 moves (I can't remember). From factory, to dealer site, to home site.





Also, your mobile home loan (personal property) is likely to be at a higher interest rate and a lower number of years that it is amortized over. (20 years as opposed to 30 years) It might be better to do a mobile land package, especially if you are also needing to finance set up costs.





If you pursue this, make the purchase of each ';subject to'; the other. Then you will not be legally contracted to buy one without the other.If you buy an inexpensive mobile home and then buy a piece of land separately, would you have two mortgages?
Yes, most likely you will have two mortgages/loans unless you can find a lender who can finance the mobile home on the land you are purchasing together. Talk to a mortgage broker who might have experience with Mobile homes.


I like your idea to buy your own piece of land and put a mobile home on it. Later you can always start building a ';real'; house on your own land if you like.





Even if you would stay in the park, you would have the loan towards the mobile home plus the rent for the land - this is probably pretty much the same you would pay with mortgage/loan for your mobile home and the land you buy. But at least this land will be your own land.
If you buy the mobile home before purchasing the land, it is considered a vehicle and will be identified as such. When you permanently affix it onto land, it can be identified as a mortgage. The period for purchasing before permanency may be up to 10 years. If you can get the same mortgage company to handle both loans, then the package can be considered a mortgage.
Yes, it would probably be cost effective. The real question is ';Can you afford it?'; By the way, you would not have 2 mortgages. The loan on the mobile home is like an auto loan since it is not real estate.