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Jamie
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0.10 Dollars($)
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Post subject: buying our first mobile home |
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| My husband and I have owned several houses, but never a mobile home. We are looking to sell our house and downsize our debt by buying a used mobile home and moving it to family owned land. We are having trouble with the financing process due to high down payments (15%) and lenders wanting to give us a variable 10.99% rate. This is ridiculous! Both our credit scores are above 700 and our annual income is $54K. We have money for a monthly payment but no one seems to want to work with us. Any advice for someone seeking financial freedom? |
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kris
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0.10 Dollars($)
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Post subject: financing a mobile home that is in a park |
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| My husband and i had to filed chapter 7, is now discharged. And our house is on the auction block sept 22nd. We found a mobile home that we like that costs $17,000. Just wondering if your company looks at us for a possabilty to finance us? Rent in our area is crazy, and this way by buying this trailer we are hoping to get back on track financially. |
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Amber
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0.10 Dollars($)
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Post subject: Rumor? |
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A man who finances loans for a living told me that there is now only one loan company that covers loans for manufactured mobile homes. He said he would try to discourage me from buying a manufactured home, and that he was unable to finance a loan for a manufactured home. He also said these homes do not appreciate in value and soon there will be no loan companies that will finance manufactured home loans. Is any of this true, or is it just a rumor/lie?
Thanks,
[Email address deleted as per forum rules] |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Post subject: |
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| I donot know if that is really true |
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Tracy
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0.10 Dollars($)
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Post subject: mobile home finacing |
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| how do you fo about aplying for financing on a home in a park |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Post subject: |
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Hi Tracy,
To finance a mobile home in a park you need a personal property loan. Getting a mobile home mortgage loan will not be possible, if you do not own the land on which the home is sitting. Have you checked your credit scores? What are they? What kind of loan amount are you looking at?
You can check out the How Much Mortgage Can I afford calculator to find out if you can afford the amount of mortgage you are looking for. In case you can afford the mortgage and have good credit, you can go for a no-obligation free mortgage consultation with the community lenders. You will get to know if you can qualify for a loan of the required amount. The lenders would also be able to suggest you some kind of mobile home loan program that will serve your purpose.
Hi Amber,
I don't quite believe that there is only one loan company that offers loans for manufactured homes. It is true that the number of lenders offering such loans has diminished due to the sub-prime mortgage crisis. But this does not mean there are no lenders to finance mobile homes. Many people are still buying such homes. However, you may have to do a bit of extensive search for a lender, depending on which state and county the property is in.
The fact that mobile homes depreciate in value is true. But as far as I know, it is applicable only in case of a mobile home without a permanent foundation. These homes are considered to be a personal property, which is why they depreciate in value. On the other hand, mobile homes with permanent foundation are treated as real estate properties and they appreciate in value, like any other real estate property.
Thanks,
Jerry |
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tracy
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0.10 Dollars($)
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Post subject: persoanel property loans |
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| does your company do personel property loans |
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mindy_grimes@yahoo.com
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0.10 Dollars($)
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Post subject: mobile home land loans |
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| what do u need to qualify and who do u go to for this type of loan |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi Tracy,
As Jerry had noted above, there are a number of lenders in this community who offer all types of mortgages. Some of them do offer mobile home loans. It would be a good idea to go for no-obligation free mortgage consultation with them. If you qualify for the loan, they will get in touch with you and provide you with personalized suggestions on the type of mortgage that suits your needs. You can also contact your local lenders and check out what options they have to suggest you.
Hi mindy,
You need to have good credit score and good income to qualify for a loan, apart from satisfying other eligibility criteria. You need a minimum credit score of 620 to get a loan. Your income will also have to be sufficient to get you the loan of your desired amount. You can go for FHA Title I program which can help you buy the mobile home or the land or both of them together. You can also go for a no-obligation free mortgage consultation with the lenders in this community. They will assess your financial situation, your credit scores etc. and will let you know if you qualify for the type of loan you are looking for. |
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ukgirl808
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Post subject: mobile home loans |
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| i am trying to get a loan on a mobile home a first time buyer and have been told that it is almost impossible to get one if this is not true who should i try to help me ? |
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Kerri
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0.10 Dollars($)
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Post subject: Refinance |
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| I live in Texas. I have a dblwide on 1.22 acres. I want to refinance to lower my very high interest rate. My home is on the centerblocks with tiedowns. No wheels. No tongue. It is permanent and I bought it as one peice of property (land& home). Who does this kind of refi.? I have looked all over, but no one wants to touch it. I always make my payments and have lived at this home for 7 years. Can you direct me to a refi company that deals with this situation. |
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mobile home owner
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Post subject: pre payment penalties |
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| I own, out right, my mobile home. I would like to take out a loan to purchase another mobile home. I want to then sell my first mobile home, and pay off the second mobile home, without huge penalties. I don't want to finance the second mobile home over years,I want to pay it off in a few months. What kind of loan would I get? |
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hatfield
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0.10 Dollars($)
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Post subject: bankruptcy |
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| My wife & I filed for bankruptcy in 2008 and it was discharged in 2009, will we be able to guilify for mobile home loan if we put 10 to 15% down? |
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hatfield
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0.10 Dollars($)
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Post subject: bankruptcy |
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| can someone who has filrd for bankruptcy apply for a loan for a manufactured home? |
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Peter Frizzell
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0.10 Dollars($)
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Post subject: Mobile Home loans |
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| Are Mobile homes and Manufactured homes the same when it comes to getting a loan? |
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