Moving a house / Financing

[rgood]

Guys - What do you know about moving a house - Specifically, what do you know about ability to attain Financing on a house you want to move?

 

[thatguy]

my first thoughts are good luck and god bless.. LOL

Are you trying to finance the house, house + move? Or are you financing the land where the house is going as well?

With as careful as the banks are these days about making a traditional home loans, I am betting you would find it hard to find a bank that would do a traditional loans for a house move.. BUT hopefully I am wrong..

Im interested in what you find out though..

Good luck

 

[rgood]

I'm just looking to finance the house - I own the land and the move is not a problem.

I'm sure I can easily finance the house - What I'm not sure is once it's financed is the bank going to allow me to move it?

 

[brin]

If you have a good credit score you should have no problem...Just go to a mortgage broker or your bank and tell them what you are doing..bring proof of your land ownership...deed and the information on the house you are going to buy and move. It would be a good idea to stop by the city or county building and zoning office and get a clearance letter from them , approving of the house move and certifying that it is up to code...Armed with that the bank will probably give you a bridge loan to buy the house, move it and then once complete you would probably be required to submit to a bank appraiser report and if that was in line they would set a closing date and you would close on your loan. Hope that helps..

 

[rgood]

Thanks Brin!

 

[2manyrocks]

Lot of variables here. What kind of house being moved/how far/over/through what obstacles. Not kidding here-literally, you've got to be sure the overpasses and overhead power lines are high enough and the roadways are wide enough for you to make the move. When you get it to its destination, presumably you will need a foundation and all the infrastructure to set it.

On the one hand, it is less risky than a construction mortgage from the ground up. But it does have its own risk management issues.

Typical loan officer won't have a clue.

 

[cowpatty]

Do you owe on the land? If not it should be a pretty straight forward process. Even if you owe a little, it should not be an issue. Go to a small community bank and tell them your issue. The last place you need to go is to a mortgage broker or a large regional or national bank. Those guys will just muddy the water. Tell them you would like to use the equity in your land to move a house to your land. Go in there prepared with estimates to move and set up. That way your finished product is turn key and not a mess for the loan officer to deal with should you end up "belly up".

 

[DANOCHEESE]

How would the appraisal work? The bank would need to tie everything to an appraisal. You would need to get a construction loan then turn it into a conventional loan.

 

[cowpatty]

If you have enough equity or "paper money" in your land then just borrow enough money to move/set up the dwelling. All they should need is an appraisal for your current raw land. It should be a pretty straight forward loan, at least it is for me and my customers. Good luck