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Company Loan Type APR Est. Pmt.

203k loan on manufactured homes

I am a first time home buyer and would like to buy a manufactured home. the land isn't a rented one though. the manufactured home that i'm likely to buy has been one ok my friends' and now i am into improving it too. i've heard of 203k [url=http://www.mortgagefit.com/mobile-homeloan.html]mobile home loans[/url]. Is it the right choice? can anyone out there help me with the criteria for eligibility of such land and what else do i need to keep in mind?

uptightmortgageguy's picture
uptightmortgageguy | Joined: November 25, 2007 05:41 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mobile home loans are available and a little more tricky. Here is a number for you (800) 927-2891. It is for FHA and you can get a lot of your questions answered there. There are restrictions on the type of work done on mobile homes and possible restrictions on mobile homes vs. modular. I'm sure other forum members can assist you further. Hope that helps!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i think you're looking for the 203b FHA loan.
203k is for rehabbing the property.

Find a good broker that does FHA loans for manufactured homes....there a SOME lenders that dont give you a high rate JUST because it's a mobile home. You will need to buy the land/home together.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is there a loan available for the purchase of a manufactured/mobile home with or without land and little or no money down?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Leah!

Yes, there are many lenders who offer mobile or manufactured home loans. It is not easy to get no-down payment mobile home loans but you can definitely get mobile home loans on low down payment.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I purchased a modular home 13 years ago and I realize that the interest rate is very high. I've paid extra each month, but I seem to owe as much on the principal as I did 13 years ago. I've never missed a payment and paid a little extra each month. I want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] at a lower interest rate for 15 years. Any suggestions?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Wess,

Do you have equity in your property? You need to appraise your property and check out if there is equity. If you do have equity in the property, you will be able to apply for a refinance with your current lender. However, that's not mandatory. You can contact other lenders and also apply for a refinance. If there is no equity in the property, then lenders will not approve it.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we are trying to purchase a manufactured home on a permanent foundation which needs the floors repaired due to water damge will a 203k loan cover.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

As far as I know, the HUD-insured 203k mortgage is offered for the purpose of buying as well as renovating mobile homes or remodeling such properties.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am a listing Broker of 1993 manufactured home that needs help(dry rot exterior, minor dry rot interior, needs interior painting and new carpets). Is there financing available to buy this home?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Steve,

Well, as you're a broker, you will surely know that it will be completely the lender's discretion as to whether or not he will offer a loan for such a property. You and your client will have to speak to the local lenders and sort out the matter.

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