Where is a good place to get a loan for a mobile home? Im having a hard time with the banks.?
Manufactured Homes August 4th, 2010Im a single mother and im currently living at home with my mom because I cant afford the real estate or rentals in my town. My aunt offered me a nice deal, she has a really nice little mobile home and she is asking me for ,000. I want to be able to get a loan with little or no money down but if neccessary i can put %10 down. I have perfect credit so it shouldnt be a problem getting a loan but my banks here in town dont want to finance mobile homes. What should I do?
August 4th, 2010 at 3:25 pm
Ask your aunt if she will do a lease option, that way you will pay rent for a year or two, and then decide if you really want to own a mobile home or if you can afford something a little more substantial. I’m not putting down mobile homes but I do know after paying your aunt $30,000 you won’t be able to sell it for $15,000 down the road, its call depreciation and can hurt you in the long run.
August 4th, 2010 at 3:25 pm
Then go for private money lenders
August 4th, 2010 at 3:25 pm
$30.000.00 ?
Small and used mobile home ?
You can purchase a brand new mobile home for that much money, and if you go through a dealer they can help set you up with a finance company to carry the loan and insurance.
August 4th, 2010 at 3:25 pm
You are having trouble finding financing because Mobile Homes are a bad investment. It doesn’t matter how nice the deal is. This is a sign. Wait for another opportunity.
August 4th, 2010 at 3:25 pm
There is a good reason that good banks do not want to make such a loan. That should tell you that the mobile home is not a smart choice for you.
Mobile homes are hard to sell later. Mobile homes go down in value while real estate increases in value.
Your Aunt may be a nice lady, but this is a bad deal for you.
That said … have you considered the costs of ownership? Rent for the place you park the mobile home? Insurance? Taxes?
August 4th, 2010 at 3:25 pm
Is the mobile on its own land or in a park? If it is on its own land, it is going to depreciate in value, like a car. If it is in a park, it is a bad investment.
Lenders don’t want to loan on MH’s because of this. And whether they will finance or not depends on the type of foundation that is under it. Is it on piers or a complete foundation? The age of the MH is also an issue. If your aunt isn’t sure, contact the tax assessor’s office in your area for a print out of the information on the home.
If you insist on going through with this, ask your aunt if she can carry a contract. I’d highly recommend that you obtain a legally binding agreement on the terms, as time passes and memories fade, these transactions (especially with family) can cause people to stop going to the reunions.