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financing for manufactured home

Profile picture for boo_red
My fiance and I have been negotiating to buy a manufactured home, however it is not attached to the property and the property owner will not offer a sale of the land for at least another year. We have enough in cash for the home but it needs a great deal of refurbishing and are trying to get a loan for that amount. We learned from the bank that they nor others will finance for the home if it is not directly attached to the land. Because we are younger, we have little collateral and are having difficulty finding a sufficient loan that will work with our needs. If anyone knows of anything we can do, please suggest. Thanks.
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August 04 2007 - US

Replies (20)

Profile picture for Drew_Tyler
You have a couple options depending on your credit history. The web has provided some interesting new options too.

Please contact me, and I will be happy to assist you. I will not be able to give you a loan, but I will be happy to visit with you a little bit and steer you in the right direction.

Just visit my webpage and click the Contact Us link: www.competingloans.net
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August 06 2007
Drew, I would like to kow if there is any banks that will refi manufactured homes because till this day i have not found one.
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August 12 2007
Profile picture for jaysco
boo-red,

Don't buy a manufactured home!

One they depreciate and two, if you ever want to sell it no one will be able to finance it for the new buyer.

In summary, Run, Run, Run from the mobile home. Apparently Drew must have bought one of these trailers, started up his website and would like some company.
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August 14 2007
Profile picture for MelissWa
Real Estate Agent
Contributions: 150
I think most people purchase manufactured homes for the land value.

Noemi - there are still companies that refinance manufactured homes - just don't expenct 100% - stated income - bad credit ! :-)
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August 15 2007
Depending on your credit your best bet would be to check with some consumer finance companies; American General Finance, HSBC, Beneficial. Conventional financing would require a permanent attachment to the land.
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August 15 2007
Try not to purchase a mobile home. You will always have a difficult time finding a loan and if you are self employed(stated income) you will not find a loan. If you are hourly or salary you have a better chance of finding a loan on a modular than a mobile home. There are still a few lenders that will loan on a mobile home but you will pay a higher interest rate. Depending on where you live there are a "few" lenders in different states that will lend you money but you will have to do extensive research to find one.
Just remember if you do get a loan, you may not be able to sell to someone else unless they have cash or excellent credit and you may never be able to refinance unless you purchased the mobile from a new mobile home company, then they will carry the loan for you.
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August 19 2007
Profile picture for titer27
There are still a couple of lenders that I can use for manufactured homes, but like Melissa stated, Good credit low LTV. If you have money down, there are so many homes that you can get into with very little out of pocket. New construction as well as existing. Call me if you want to talk about financing options.

Lorie Luzarraga
Mortgage Broker
First Family Mortgage Group, Inc.
LorieFFMGI@aol.com
(352) 680-9337
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August 20 2007
Boo_Red.....try this on the owner. Ask them to finance the manufactured home themselves with as little money down as possible. Have them put it on a note with the mobile home as security at 10-12% max interest rate.

Then, ask them to lease the land for a reasonable amount of money and time, say five years. Get a purchase option on the land to purchase it at a predetermined price with rights of ingress and egress (entry and exit).

Consider the structure of the agreement, you need to know what the owner is willing to do in order to determine the final terms. Try to keep as much money as possible. Sounds like you need it for the improvements.

Good luck.
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August 22 2007
If you are looking to buy a manufactured home I can help you on getting finance. Just make sure that the property is on a permanent foundation.

I can finance you up to 90% through a government program and rate starts at 6.5% even you have a LOW FICO.

For more info please give me a call Rem Prijoles (800) 729-0786 ext. 114
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August 29 2007
Profile picture for Drew_Tyler
Noemi -

I have some lenders that will do manufactured homes. But this one is not on a foundation apparently, so I can't do it.



boo_red -

I agree with what many others have said here about not getting a manufactured if possible.
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August 29 2007
Drew, this manufacture home is in a permanet foundation I'm finding it harder and harder to refinance manufacture homes they don't keep their value.

So we all agree that purchasing a manufacture home is not the best thing to do but if you could just afford one at this time then you will decide what works for you.
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September 05 2007
Profile picture for clairvoyance
hay bro buying manufactured homes are bad man....... their like cars they drop in value as soon as they leave the factory...... and the only way i can do loans on manufactured homes is if borrower owns the land..... dont waste your money man.
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September 07 2007
The property has to be afixed to the foundation and title eliminated to refinance or purchase.
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September 11 2007
Profile picture for ColoradoLender
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Title eliminated????What the hell.... Title purged maybe
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September 11 2007
Profile picture for RealEstateFinance
Real Estate Agent
Contributions: 7
your local credit union will do loans for mobile homes if they are on leased land. If not, do an internet search for chattle mortgage, or 21st mortgage. If they are on a foundation, you can get an FHA loan. There is no such thing as stated income for manufactured homes.

http://www.RealEstateFinance.com
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October 02 2007
Profile picture for DebtFreeDave
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October 11 2007
Profile picture for ColoradoLender
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Not if its not attatched to the land......OP is pretty much looking for a car loan...
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October 12 2007
I agree with Paul Pope about the owner giving you a note with the right terms. It all depends on what the owner is willing to do. I hope the mobile home is fairly new because otherwise it won't be worth your time or money.
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January 22 2008
Profile picture for Fixi
Contributions: 405

hay bro buying manufactured homes are bad man

 

dont waste your money man!

 

Listen to the bro Man he's right! Man "You know what Im saying Man!  ya Man "I hear what yuz say Man.!  for sure Bro !

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January 23 2008

Mobile Home Financing is available for both Home With Land and Homes Without Land.  I Specialize in Mobile Home Loans.  And yes they usually do come with higher rates then a regular home does, and that is because Mobile Homes are a higher risk loan. There are several program types, some which require no out of pocket and some which require 5% to 40% down.  Hope this helps out some.

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January 23 2008
 

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