Land and home loans

Land and home loans for manufactured homes

A land and home loan is for when you need the whole package – both the land and the manufactured home included in the loan. The land and home loan can be used for a manufactured home already on land, or for a new home to be installed on the land. If you’re placing a new manufactured home on land, often times a construction loan may be required, depending on the individual circumstances (see new construction loans for more information). If you already own the land and are placing a home on it, this is also a land and home loan. This is referred to a “land in lieu”, meaning the land equity is used in lieu of a cash down payment. Whatever the case, the land and home are all combined into one loan.

How the Tammac land and home loan works

At Tammac, we offer our land & home loans direct for manufactured homes that are secured with real estate. What sets us apart is our simple application process for land and home loans, our competitive rates, and our top quality customer service. Our application is quick, simple, and easily understandable. We work with realtors, dealers, and builders to take the hassle out of the process and give you personalized customer service throughout.

The land and home program offers no PMI and we can finance any home built after 1976. Processing time for real estate secured land and home loans can take anywhere from 60-90 days, depending on how quickly supporting documents are sent to us. Tammac offers traditional financing known as a land/home financed purchase and can offer up to a 30 year term.

Credit guidelines*

* Meeting these guidelines does not guarantee approval

  • Loans are available in the following states:
    • Chattel – Delaware, Kentucky, Maine, Maryland, New York, New Jersey, Ohio, and Pennsylvania.
    • Land/home – Delaware, Kentucky, Maine, New York, Ohio, and Pennsylvania
  • Minimum loan amount: $10,000
  • Low down payments
  • Age of mobile home – 1976 or newer HUD coded homes only
  • Escrow for insurance and taxes is required for all loans
  • Property must be on a publicly maintained road. No shared wells, no cisterns.

Items needed to complete a credit application

  • Email address (if you wish to complete an online application and/or receive documents electronically
  • Social Security Number
  • Purchase price
  • Cash down payment amount, land equity value, or trade value
  • Home information including year, manufacturer, size
  • Subject site address, property type (park/community, leased land, owned land) and lot rent payment
  • Name of seller, retailer, or realtor
  • Current gross (before taxes) income
  • 3 years history for income and residence
  • Current monthly debt payments (include alimony and child support if owed)

Documents needed to complete your loan

  • Pay stubs which include year to date gross income (must cover 30 days) and the most recent two years W-2s for borrowers that are currently employed
  • 2 years tax returns for self-employed borrowers
  • 1099s, 1099Rs, award letters, and proof of current deposits for retired borrowers
  • Divorce decree and proof of 12 months on-time payments for alimony (if listed on the application)
  • Court order and proof of 12 months on-time payments for child support (if listed on the application)
  • Copy of deed (if owned or private land)
  • Landlord waiver (if private land owned by another)
  • Park approval letter (if in a community)
  • NADA certified appraisal (if purchasing a pre-owned home)
  • Proof of funds used for cash down payment and closing fees via two months of formal bank statements or gift letter and proof of funds (if applicable)
  • Copy of driver’s license (or alternate photo ID if borrower does not drive)
  • Copy of Social Security Card
  • Property tax information (tax bills if existing home, tax collector info if new home)
  • Copy of title for the mobile home (if pre-owned)

Apply now

If you’re ready to apply for a land and home loan, just click the button below and fill out a quick quote form. See how fast and easy it is to get approved with Tammac and experience the Tammac Difference.