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skyeblaze0102 · Joined: 02 Jun 2009 Posts: 2 1.59 Dollars($)

I am interested in a property, but am wondering whether or not a bank would finance it. It's a 1973 mobile home on 4.7 acres of land, with outbuildings. Because the mobile is so old, the listing stated that it holds no value, but because it is on land, would a bank possibly finance it?

Posted: Tue Jun 02, 2009 8:30 pm Post subject:

NO bank offer loan for the purpose of land purchase in 'mortgage housing loan' category. If the mobile home is listed and it does not have any value because its too old. then i find that hardly any lender will look at this as a good deal.

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jenkin7 · Posted: Wed Jun 03, 2009 12:53 am Post subject:

Hi skyeblaze,

You will not be able to get a loan for a 1973 mobile home. To qualify for a loan, the mobile homes need to conform to the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. Most of the homes built prior to 1976 do not conform to these standards and are thus ineligible for a loan. To finance the land, you will need a land loan which is not easy to find these days.

elnoralittle · Posted: Wed Jun 03, 2009 6:26 am Post subject:

I would try doing a land loan. What state are you in?

skyeblaze0102 · Joined: 02 Jun 2009 Posts: 2 1.59 Dollars($)

We're in northern Idaho. I figured that would end up being the case, but I figured I'd ask. Thanks for the replies, I really appreciate it! Any more advice is always welcome!

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Could this qualify for a mortgage loan?