Posted on: 02nd Feb, 2010 12:54 am
What is envolved in financing a mobil home in a park that is a 1971? Can it be done? What interest rate would apply? We have good credit with scores in the 750's to nearly 800.
Hi,
As far as I'm aware of, lenders do not finance mobile homes which are built before 1976. The mobile homes need to meet the requirements as specified in the National Manufactured Housing Construction and Safety Standards Act of 1976. Most of the homes built prior to 1976 do not conform to the construction and safety standards and thus, they do not qualify for a mobile home loan.
As far as I'm aware of, lenders do not finance mobile homes which are built before 1976. The mobile homes need to meet the requirements as specified in the National Manufactured Housing Construction and Safety Standards Act of 1976. Most of the homes built prior to 1976 do not conform to the construction and safety standards and thus, they do not qualify for a mobile home loan.
your best bet is a personal loan with someone willing to take the title to your home as collateral (or not). frankly, depending on how much you're looking to borrow, your best overall bet is a credit union or local bank that is in the personal loan business. i dare say you could find a private source of funds, but that's going to be quite expensive, i imagine. check with the local banks (not a big bank!) and credit unions.
>>Can it be done?
No - not with any program sponsored by HUD. You're going to need a personal loan or private financing.
No - not with any program sponsored by HUD. You're going to need a personal loan or private financing.
