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#2303441 - 11/19/24 10:39 PM Manufactured Home Purchase-Home Loan Toolkit
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Diamond Poster
Joined: Nov 2008
Posts: 1,182
In the mountains
If the land is already owned and the person is purchasing a manufactured home to be secured by the land and MH, is the Home Loan Toolkit required to be given?
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#2303444 - 11/19/24 10:56 PM Re: Manufactured Home Purchase-Home Loan Toolkit Likes to Comply
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,423
Galveston, TX
It is not technically a purchase loan, but it is never a problem to provide one.
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#2307788 - 04/02/25 04:39 PM Re: Manufactured Home Purchase-Home Loan Toolkit Likes to Comply
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Diamond Poster
Joined: Nov 2008
Posts: 1,182
In the mountains
If a consumer is purchasing land with a manufactured home that is on the property, but the MH is still titled and considered to be personal property and will remain that way, is the Home Loan Toolkit required to be given?
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#2307791 - 04/02/25 05:50 PM Re: Manufactured Home Purchase-Home Loan Toolkit Likes to Comply
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 9,378
OK
Based on this and the idea of better safe than sorry and how easy it is to provide, i would provide it.

(4) Vacant land. Any loan secured by vacant or unimproved property, unless within two years from the date of the settlement of the loan, a structure or a manufactured home will be constructed or placed on the real property using the loan proceeds. If a loan for a structure or manufactured home to be placed on vacant or unimproved property will be secured by a lien on that property, the transaction is covered by this part.

I get that your loan isn't "placing" the mobile home on the property, but as i said, i would provide it...pretty easy to do so. Just my interpretation.
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