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Replies (4)
- Diane Rae Jones, "DianeRaeJones"
- Contributions:112
Banks' rules can be frustrating. They are investors in your home, so they definitely have opinions about where they put their money. The reason for the loan denial is the classification of a manufactured home as "personal property", not "real property". It isn't so much about your liklihood of default, but of the legal classification of the property.
Possibly you could get a mortgage on the land (definitely real property) and a separate loan (not a mortgage) on the home. The loan on the home might come at a considerably higher interest rate, however, so be prepared for that.
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
In my humble opinion, the one area in which this country has treated it veterans the proper level of respect is in housing. The GI bill made is possible for thousands of veterans to by home post-World War II and veterans are eligible for low interest home loans through the VA. Housing is the least of the problems facing our veterans. Medical care and job opportunities for veterans are where we need to improve.
- sunnyview
- Contributions:25139
There are a lot of manufactured homes, but there is a difference in lending circles between a mobile home which has a limited lifespan and a manufactured home that has been put on a permanent foundation. You have to shop lenders to find one that deals with your type of home.
If you think that the property has a true manufactured home and not a mobile home, then ask a lot of questions and find out if the lender is properly defining the home you are looking at. Do you know how old the house is? That can make a difference from hat I read too.
If you think that the property has a true manufactured home and not a mobile home, then ask a lot of questions and find out if the lender is properly defining the home you are looking at. Do you know how old the house is? That can make a difference from hat I read too.
- Pasadenan
- Contributions:21466
"and I resent the insinuation that, just because it happens to be a so-called trailer, in their shallow heads; that I'm going to automatically default on my payments???" -
That is not the issue. The issue is that the "trailer", "mobile unit" or even non--bolted manufactured unit may be moved off the lot, sold separately, and the collateral for the loan would be substantially reduced.
Obviously, it wouldn't be an issue, if people didn't exploit that possibility in the past.
It is even more of an issue on leased lot space, as the trailer park could close, no place to locate the unit, and thus no resale value on the mobile home, and the lender ends up with the loss.
Part of the "qualification" for the loan is that the collateral is sufficient for the money borrowed. Mobile units usually don't meet that requirement.
That is not the issue. The issue is that the "trailer", "mobile unit" or even non--bolted manufactured unit may be moved off the lot, sold separately, and the collateral for the loan would be substantially reduced.
Obviously, it wouldn't be an issue, if people didn't exploit that possibility in the past.
It is even more of an issue on leased lot space, as the trailer park could close, no place to locate the unit, and thus no resale value on the mobile home, and the lender ends up with the loss.
Part of the "qualification" for the loan is that the collateral is sufficient for the money borrowed. Mobile units usually don't meet that requirement.
What about home buying these days?
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