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Can I get 100% financing on mobile home?

Is it possible to get 100% financing for a 85 mobile home on 3.5 acres of land? it meets the permanent foundation requirements and has hurricane tie downs .

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As the mobile home is on permanent foundation then it will be much easier for you to avail financing. You should get in touch with a few mortgage companies to know if they would be able to provide 100% financing.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

One positive point for you is that the mobile home is on permanent foundation though it is pretty old (85!).

If it is in good condition then there should not be much problem for you. Start contacting lenders to know what rates they are offering for 100% financing. And do not take rate quote from just one single lender; get estimates from 3-4 lenders.

Shopping for a loan will help you know the difference in rates offered by lenders and allow you to select the most appropriate offer.

Miller

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shell,

It is possible to get 100% financing for a 1985 mobile home. The best thing is that your home has a permanent foundation, as a result of which it is easier to qualify for loans on mobile homes. But the lender will obviousdly conisder your financial status and credit before approving any mobile home loan.

In our community, there are a group of lenders offering different types of loan on variosu types of properties. If you are interested, you may send in your request for free mortgage quotes so that our community lenders may try to match their profiles with your requirements. And, in case, they find out that you will be able to qualify with any of them, they shall contact you asap.

Good luck :)

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

ligroy's picture
ligroy | Joined: May 3, 2007 10:12 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I believe it is possible, but you know that your credit and financial background will be checked as always whether its a mobile home or any other home loan.

much luck

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My fiance and I are getting married this summer and we would like to use the govt. stimulus first time home buyers money for a downpayment. We qualify for $8,000. We are looking at purchasing a home for around $90,000. Can we use this as the downpayment and make yearly payments to the bank. We don't have any collateral except for a few cattle. What kind of lan would we qualify for? Our credit score is 720 and we would like to take it out for 30 years. What are our chances in getting a loan?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

$8000 is the tax credit. As far as I know, you'll not be able to use it as a downpayment. You can get downpayment assistance programs which helps low income families to pay off the downpayment. You can check out such downpayment assistance programs. With a credit score of 720, you can apply for both conventional and FHA loans.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

live in prefab mobile home in community gated prefab 12 years old meets hurricane regs needs no repairs oversized two bedroom two bath etc. 70,000 valuation

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am looking to buy a mobile home and some land in one, with set up septic tank and everythin in one. Do you all do 100% home loans on brand new off the mobile home lot financing?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

riseabove's picture
riseabove | Joined: November 9, 2009 12:58 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

100% is going to be tough unless you have some other collateral.

if you have good disposable income I'd suggest saving a bit of a deposit then go for the loan. If you have a bit of a deposit you have a better chance of getting a loan, and you might be able to avoid things like PMI.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:06 | Post subject:

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