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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi
To lazysusanlampwork,
If the lender quoted you a 9% interest on the mobile home loan, then I must say it’s way too high. Your credit score is good. If you have adequate income and a good payment history, you should get an interest rate much lower than that. You can choose to go for the FHA backed Title I loan to purchase the mobile home. It requires a low down payment of 3.5% and offers a much lower interest rate. You can approach a local lender approved by the FHA to know more on this loan program.
To S.G,
There are obviously lenders who can help you purchase the mobile home. That you hold the title to the land free and clear, may actually help you in qualifying for the loan. What is your credit score? Do you have any other debts?
To jcw,
| Quote: | | my FICO score in still only 600-660 depending on which one used |
The lenders use your middle score while approving your loan. What is your middle score? You’ve mentioned you don’t have any late payments on your credit which is good. But do you have any other negative items on your credit like a foreclosure or a charge off etc? If the answer is no, you have a good chance of qualifying for a refinance. |
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Allison
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0.10 Dollars($)
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Post subject: Trying to sell |
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| I'm interested in selling my single wide mobile home that is on a piece of property in Louisiana and buying another home. My banker told me to research any loan programs that would be beneficial to a first time home buyer maybe interested in buying my mobile home, but who doesn't have the cash on hand to meet the 20% down payment. I'd really like to sell soon and am afraid that I will not be able to if buyers can't find the right loans to buy the property. Any suggestions? |
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dreamingjeannie
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Post subject: own a single wide and would like to make it a dbl wide |
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| i own a 1998 16x80 mobile home that is paid for on a piece of land which I owe 12000. I want to put in a basement and make single wide into a dble wide. I have someone who could do it at 35000. Do you know who I would contact to get this kind of loan. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Hi Allison,
I believe the best loan program for a first time home buyer willing to buy a mobile home is the FHA Title I loan. One of the advantages of the FHA loan is that as a borrower you're not required to put down 20% as down payment. You can make the purchase with a down payment as little as 3.5%. This feature is a good attraction to many a first time buyers as most of them don't have a huge amount of money to use as down payment.
Hi dreamingjeannie,
The FHA insured 203k loan could be the one that you're looking for. It allows the rehabilitation of your home, provided it is at least 1 year old and the cost of the rehabilitation is more than $5000. What's your credit? If it's more than 620, you should contact a local lender and apply for the 203k loan.
Thanks,
Jerry |
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trish
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Post subject: mortgaging older mobile home |
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| I have decided to sell my 1975 mobile home, on a permanent foundation and in good shape on a 2 acree piece of nice property. I was told by one prospective buyer that the age of the home makes it unmortgagable. Is this true? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi
Getting mortgages for mobile homes built before 1976 is near impossible as the lenders are often concerned about the life expectancy of these old homes. These homes do not even meet the safety requirements as described by the Federal National Manufactured Housing Construction and Safety Standards Act, passed in 1974. There may still be some lenders who might finance such old homes. But finding such a lender will no doubt be a difficult task. |
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KATHY YOUNG
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Post subject: GETTING A LOAN ON MY MOBILE HOME THAT I OWN |
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| I AM LOOKING TO GET A LOAN, AND USING THE TITLE OF MY MOBILE HOME AS CALERTAL. |
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Anna
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Post subject: manufactured home purchase in Washington |
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| our offer was accepted for a purchase of a 2005 manufactured home. I just found out, although we have the funds available and great credit, my husband needs to provide pay stubs in order to close. Do all lenders go through fannie mae for manufactured homes which require this? Are there any lenders in Washington that does not sell this off to fannie mae? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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Hi
To Kathy,
If you own the title to the mobile home free and clear, you can use it as collateral and obtain a loan on it. However, you need to provide a little more information so I can give you any suggestion. What is your credit score? Do you have any negatives on your credit? How much of down payment can you afford?
To Anna,
All the lenders do not sell their loans to Fannie Mae. There are lenders who don’t sell their homes to Fannie Mae or Freddie Mac and hence they aren’t bound to follow their underwriting guidelines. FHA loans are also not owned by Fannie Mae. But most of the lenders, no matter whether they sell their loans to Fannie Mae, would want you to produce last 2-3 months pay stubs as a proof of your income, in order to qualify. |
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LoriAnn
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Post subject: Manufactured home on rented space |
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| I purchased a 2004 Palm Harbor Manufactured home brand new in 2004. I pay space rent as well. I have a monthly Mortgage with US BANK. I am headed financialy in a whirlwind and have been tryiny to sell on and off for 3 years. If I leave the home and give it back to the bank what will happen? Or will it be a forclosure? I am really scared and confused, but I can no longer keep the home and even if the payments were lowered that would not change my circumstance. |
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clh4130
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Post subject: First Time Mobile Buyer |
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| Due to the Economy I was looking into purchasing a property in a park to live in for a long time with my family. I have a bankruptcy already, but am 28 and have stable (4 yrs), advancing employment. The house I am looking to purchase is $20,000. What are the steps I need to follow, and the type of loans I could possibly qualify for? I can come up with up to 10% down ($2000). Any help would be greatly appreciated! Thanks~ |
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yeahright!
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Post subject: Financing a used mobile home. |
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| My husband and I have a contract on our current home and land and are wanting to purchase a used mobile home to be placed on 5 acres that we own elsewhere. My question is, in looking for anything decent it is going to run us between $18,000 to $22,000 to purchase. We would be able to put down up to $9000 and would need to finance the remainder. How should we go about the financing the remainder. We do not want to finance anthing for more than 60 months. Our credit is probably not good due to we did had to file bankruptcy 13 months ago. |
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J Robinson
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Post subject: 1974 |
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| Our home is on a permanent foundation and we would like to find a way to sell this house. It is a 1974 what are our options? |
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S. Smith
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Post subject: Mobil home purchase on a rented lot |
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| My nephew (18 yrs) is looking at a 2003 1000 sq ft. mobil (clean) in a trailer park on a rented lot. The asking price is $30,000. He has $20,000 in the bank. He has talked with his credit union and they wont loan on a mobil without land. The will also not loan to my nephew and his wife because they havent been at their jobs for very long (they have been working for several months each). The mobil is nice, The park in nice, the price is nice, the down is nice, who can they find to loan them the remainder. |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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Hi
To clh,
A down payment of 10% is fine. But you’ve mentioned that you have a bankruptcy in your credit report. How old is the bankruptcy? Was it a chapter 7 or 13? What is your credit score? You need to have a credit score of 600+ to be able to get a loan in current economy.
To yeahright,
| Quote: | | Our credit is probably not good due to we did had to file bankruptcy 13 months ago |
Have you checked your credit report? What is your credit score? You should have a decent credit score to qualify for a loan. The amount of down payment you’re ready to put in is good. But if you do not have a good credit score, it’ll be difficult for you to get approved for a loan.
To J Robinson,
Selling a 1974 mobile home is difficult as you’ll hardly find any lender willing to finance a mobile home that is older than 1976. These homes do not conform to the safety standards, have a low life expectancy and depreciate fast. This is the reason why lenders do not want to finance such old mobile homes.
To S. Smith,
If your nephew does not have a stable employment history, it’ll be difficult for him to qualify for a mobile home in this market. Moreover, he needs to have a very good credit score to qualify. Since the listed price of the home is $30,000 and he’s got $20,000 in his bank account, I think he can go for a personal loan. Have you thought about this option? You’ll have to bear a high interest rate, but this might be good option for him, in case he fails to qualify for a mobile home loan. |
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