Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for DreuZilla

Financing Property with a Mobile Home

I have started thinking about purchasing a vacation property. I hope to be able to do so in the next year but I want to make sure I have all my homework done first. My parents recently sold my childhood cottage and I wold like to get something in that same area. I took a look at what was available in northern Michigan on a conservative budget. I have ruled out buying just land  to build on over time based on my experience having to replace the Septic System in my current home after purchasing it, so I am looking at property with a well and septic already in place and ideally with a livable residence already on the site even if it is a bit ugly inside or outdated (must be structurally sound). I have found several lovely properties that meet what I am looking for but many of them they are equipped with a mobile home of some type. The mobile homes I have found have either snow roofs or additions added and they appear in good shape, but I do know that getting financing for these properties can be tricky. I know my home has added 30k in equity since I purchased it but I would rather not tap that for this if possible. I will be able to put 20% down for the price range I am looking at without touching the equity. What financing options are available for this type of property? Like  said I will have about  year to figure this all out but I am a woman who likes to have a plan!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 01 - Detroit
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

Financing a mobile/manufactured home can definitely be very tricky as there just aren't many lenders who finance such properties. My best advice would be to shop around. Check out lenders and banks in the areas you are looking in and speak with mortgage professionals about their property requirements. Each lending institution is different. I had a buyer use Wolverine Bank to finance a manufactured home in Montrose, MI. They are one of few in the area that offer this type of loan. Northern Michigan is beautiful and a great place to own a vacation residence!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
February 08
 
Related Questions
Financing Property with a Mobile Home
Profile picture for Stephan Brochu
Latest answer by Stephan Brochu
February 08 | 1 answers
Detroit has many schools for sale. Is it possible to get a mortgage to convert one into a house?
Profile picture for shapiroamg
Latest answer by shapiroamg
October 12 2010 | 3 answers
How do I create a land contract?
Profile picture for Jim  Stevenson
Latest answer by Jim Stevenson
September 11 2010 | 1 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 21307 Severn Rd, Harper Woods, MI Home For Sale
    21307 Severn Rd, Harper Woods, MI 48225

     For Sale: $87,000

    • Beds: 3
    • Sqft: 1328
    • Baths: 2.0
    • Lot: 5227
  2. 1062 Maryland St, Grosse Pointe Park, MI Home For Sale
    1062 Maryland St, Grosse Pointe Park, MI 48230

     For Sale: $144,900

    • Beds: 3
    • Sqft: 953
    • Baths: 1.0
    • Lot: --
  3. 14233 Michigan Ave, Dearborn, MI Home For Sale
    14233 Michigan Ave, Dearborn, MI 48126

     For Sale: $249,900

    • Beds: 2
    • Sqft: 5000
    • Baths: 0.5
    • Lot: --