Who will finance a 1989 mobile home and land not on permanent foundation?

tammycalimer · Joined: 16 Sep 2008 Posts: 1 1.50 Dollars($)

I am looking to finance a 1989 mobile home and land for 30 years. I have only found one bank and they want to charge a 12% interest rate.

helping_user · Posted: Wed Sep 17, 2008 12:58 am Post subject:

Welcome Tammycalimer.

The bank is charging a higher rate possibly because your mobile home and land do not have a permanent foundation. Usually lenders do not offer mortgages on mobile homes without the foundation.

What you can do is, talk to the mobile home dealer from whom you'll purchase it. The dealers often provide personal property loans for the purchase. And as far as the land is considered, you may apply for a mortgage/land loan on it.

You may go for a no-obligation free loan consultation with the lenders in this community. This will help you understand which loan will suit your purpose.

Thanks.

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