Is there a lender that specializes in older mobile home with property loans?
Manufactured Homes August 22nd, 2010I am trying to buy a corner lot with a brand new two car garage and a 14×74 1977 Century mobile home. The property also has a brand new two car garage. It has been a second home to a retired couple and they have taken great care of the place. Every season this home has been serviced and while they are gone a local man takes care of the property for them. Its probably been better maintained than most stick homes in the area. They put in two new decks, new roof, insulated windows, air conditioning, plumbing, fixtures, and carpeting in the last six years. Not one bank or mortgage company can give me a name or number for someone who handles these types of loans. I have just sold my stick home in a nearby town. My credit is great and I have the 25% down. Any advice is hugely appreciated.
August 22nd, 2010 at 1:00 am
Please don’t go to people in here spamming for business.
It sounds like there may not be a permanent foundation under the MH. Some will lend on a post foundation though.
Try US Funding group, if there is a branch in your area.
August 22nd, 2010 at 1:00 am
The problem is most lenders will not do a mortgage on something that doesn’t have a foundation. You might be able to get it done if you put one in.
August 22nd, 2010 at 1:00 am
because the word mobile means can be moved-is not stationary. Lenders will not loan on mobile homes. Now if you are really wanting this with a loan then it will need a foundation. this means it now becomes permanent just like a stick built. This is not about credit its about the policies of the lending institutes. Bottom line you need a foundation before lending will loan.