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tjc · Joined: 28 Sep 2006 Posts: 2 1.79 Dollars($)

Daughter with mediocre credit needs $40,000 loan for mobile home not on permanent foundation (land not included in purchase). I am willing to co-sign with 700+ credit score behind me. The state is NY. How do we find a lender?

Jessica · Posted: Thu Sep 28, 2006 11:41 am Post subject:

Hi Tjc,

Welcome to the forum.

You cannot get a mortgage loan on a mobile home excluding the land. This is because such a home will then be considered as personal property and hence you will be getting personal property loans. However, if you include the land, you may qualify for mortgage loans on your mobile home.

We have a Community of ranked lenders who can help your daughter get a mortgage loan for the mobile home.

If you can provide all your details by way of a no obligation free loan sign up with us, we would then be able to forward your information to the lenders and let you know within a day or two if we can find a suitable lender as per your requirements.

Regards,
Jessica

Guest

with such a good credit score, don't think you will have any problems in qualifying with a mortgage lender. All you need is to shop with a number of such lenders who are ready to finance the mobile home without land. Compare the loan offers and then choose the one you prefer.

info · Joined: 28 Feb 2008 Posts: 2 1.82 Dollars($)

In NY, I would go to a local bank and ask for a Chattel loan. Some banks do "Make Sense" loans, and your loan makes sense. How bad is the daughter's credit? That could be a problem.

The foundation probably is not an issue. Inexperienced lender seem to get stuck on that all the time, but I bet it's fine. Good Luck - Randall

edited to remove solicitation

charlesarmbruster · Posted: Thu Feb 28, 2008 10:20 am Post subject:

Certainly, a CHATTEL LOAN is the way to go. Finding the proper lender will be your chief challenge -- try a broker, ask for a chattel loan, and if they have no idea what you are talking about, try another broker. I normally go to only one source, myself. GOOD LUCK!!

Guest

we have a conventional loan for the manufacured home only. we bought 10 acreas and moved the home here right after we bought it. we have one acre homesteaded where the trailer sits. we have been here 8 years. my husband has recently retired from the military, one year ago this month and he is receiving disability from the VA he is classified at 70% disabled. i lost my job 2 years ago and mtg., company will not work with us. i asked them to refinance the home so we could lower our payments and they said they do not refiance for those that already have an account with them, our interest rate is 11.5% and mo. payment is $675 mo. so far we are current but we have ruined our credit and rating. the home is in my husband's name only and the land is in both our names. what can we do. our credit rating is poor.

jerry · Posted: Wed Oct 29, 2008 3:31 am Post subject:

Hi frances!

You said that your lender has not agreed to provide you with a refinance. Did you check the refinance option with other lenders? I think you should consult some other lenders and check if they can offer you refinance. I think they will.

Thanks,

Jerry

Guest

I have a 2001 that is not on a permanant foundation nor do i own the land it sits on but I need to lower my payments. My payments are 725.00 a month and I owe around 66,000.00. Would like to refiance with no money back

savior70 · Posted: Fri Jul 31, 2009 5:32 am Post subject:

Hi,

It'll not be easy to refinance the mobile home, since it's not on a permanent foundation and the land isn't owned by you. However, you can look to refinance with a personal property loan. You can also request your current lender to do a loan modification and lower the monthly payments so you can afford them.

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