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I was told you could not get financing on a moble home over 20 years old is that true?

Home value is aprox 60,000 and includes lot it's on in FL
  • January 28 2011 - Dana
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Answers (3)

Hats off to Robert Benham (below)!  6/15/76 is the date that Hud began putting tags on Mobile Homes certifying that they were built to their standards.

Many manufactured homes are financed through FHA with 3.5% down.  They have to be double-wides or larger and be permenantly affixed to a foundation,  They must have their Hud tags still on them or it requires a lot of work by the processor to determine whether or not the home is financable.  FHA requires a foundation inspection by a Professional Engineer to determine the structural soundness of the home.  FHA loans cannot be used to purchase mobile homes that are in a park where there the space is rented rather than owned. 

I recently learned that VA loans may be used to finance single wides, although I've never personally done one. 

Hope that helps!
  • February 01 2011
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You may want to try a community bank or a credit union.  They may be able to extend credit on an older mobile home.  In some instances these lenders will do a mortgage based on the land value, giving little value to the mobile home. 
  • January 31 2011
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The home must have been built after June 15, 1976, and in conformance with the Federal Manufactured Home Construction and Safety Standards.
  • January 28 2011
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