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Mobile home loan – A less costly option to buy homes

If you're looking for a relatively less costly housing option than a traditional home, then one good choice available before you is the mobile or manufactured home. Mobile home, also called as trailer or caravan, is gradually becoming a popular housing option to many home buyers. Though a mobile home may look like a traditional home but it is comparatively little difficult to finance this type of home than to finance a traditional one. With little more effort, however, you can find out the required financing option too. If you want to know about mobile home loans, check out the following topics:



What are the types of mobile home loans?

Finding out the right mobile loan product can save a lot of money for you. Here is an outline of different financing options that may help you select the right product. These loan products are categorized on the basis of land ownership, lending authority and some other factors.

    On the basis of land ownership:

  • Personal property loan: If the manufactured property is not on a permanent foundation and if it is purchased separately, then you have to take out a personal property loan. When you own a land on your own, then personal property loans may be required to finance the purchase of a mobile home. In comparison to traditional home financing, the qualifying standards for personal property loans are relatively lenient.
  • Mobile home mortgage loan: If the manufactured property that you want to purchase is on a permanent foundation, then you have to take out a mobile home mortgage loan. These loans are relatively difficult to qualify than the personal property loans. These loans also require higher upfront costs than the personal property loans.
  • On the basis of lending authority:

  • Federal programs: Title I and Title II loans are offered by the lenders approved by the Federal Housing Administration (FHA), to buy mobile homes. To qualify for these FHA-approved loans, mobile homes must conform to the HUD Code and must be located on approved foundations.

    Manufactured home loans, guaranteed by the Department of Veteran's Affairs (VA), are available for for the veterans. This 100% VA financing is available if the mobile homes are located on approved foundations. The United States Department of Agriculture (USDA) also offers financing for the purchase of manufactured homes.

  • State and local housing agency programs: Mobile home loans are offered by the State Housing Finance Authorities/Housing Agencies to the first time home buyers at relatively lower rates.
  • On the basis of other factors:

  • Construction loans: These are short term loans designed to help you build a mobile home on property you have already purchased. Short term, high interest construction loans may also be available to help you make improvements on your home or property.
  • Home improvement loans: This type of loan is designed to help you make improvements to your mobile home. An example of this type of loan is a Title 1 Home Improvement loan insured by the FHA. Some states offer special loan programs in addition to the Federal government's tax deduction for certain energy efficient improvements.
  • In addition to the options stated above, there are also mobile home refinance and equity loans available from specific lenders. All you need to do is decide why you want to take out the loan and choose the one that is right for you.


What are the requirements to qualify for mobile home mortgages?

Usually mortgage loans are not offered for the purchase of manufactured homes which were built before 1976. This is so because the lenders take a close look at the condition of the house before offering a loan. A manufactured home must comply with the building standards proposed by Department of Housing and Urban Development (HUD). Here are the requirements to qualify for a manufactured home loan -
  1. The HUD Code requirements:
    • As per the HUD Code, the home must be built as 1/2/3 section homes at a protected place. Then the home has to be shifted to the site. Thereafter, the wheels and axles must be removed so as to give it a permanent foundation.
    • The home should follow the HUD Code pertaining to quality, design, transportability, durability, energy efficiency and fire resistance.
    • The manufactured home should pass the third party property inspections.
  2. Credit score:
    Mobile home lenders require a minimum credit score of 680 to offer a mobile home loan. With a credit score higher than that, you can get better rate.
  3. Ownership rights:
    • The mobile property that you are purchasing should be clear of any liens. The property under consideration may also be managed by a co-operative association.
  4. Down payment:
    • Depending upon several factors such as the type of loan, value of the home and your credit standing, you may be required to make down payment of 5-10% of the purchase price of the home.


What are the steps that you need to follow to obtain mobile home financing?

If you are planning to buy a mobile home, you need to follow some steps. Some of these steps are same as followed in the general home buying process, whereas some of the steps differ. Here are the steps that you need to follow:
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What tax benefits do mobile home loans offer?

If the loan is a mortgage, secured by the mobile home that is your primary residence, then the Federal government will allow you to deduct the interest and property taxes you pay from your income taxes, provided you have purchased the home before September of the tax year. In addition, some states allow you to deduct your property taxes from your state income taxes, provided the Federal timing requirement has been met.

Some states, like Indiana, may permit you to deduct all or part of the rent you pay for the lot your mobile home rests on. In order to determine whether your state will permit you to deduct the lot rent, you should consult a tax professional in your state.

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

I want to refinance my mobile home loan to do improvements. I need a loan that does not require a permanent foundation.

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi RD TravisWelcome to MortgageFit forum.There are mortgage loans that are offered against mobile homes having no permanent foundation. You can apply for mobile home refinance home equity loans that will help you to conduct home improvements apart from refinancing your mobile home. Moreover, the interest charged on such loans is tax-deductible, so it will reduce the actual amount of taxes to be paid. Most lenders do not approve conforming loans for mobile homes without permanent foundation. You can therefore apply for non-conforming loans or jumbo loans that have higher limits than that offered by the government sponsored agencies - Freddie Mac and Fannie Mae. These government mobile home loans come up with slightly higher interest rates since there is greater risk involved in the process. Apart from these, there are the VA loans that are offered against such mobile homes but you should be a qualified veteran to avail such a loan. Moreover, the terms and conditions of home equity loans, VA loans as well as jumbo loans may vary from state to state. So if you let us know the name of the state where you are residing, it will be easier for us to provide you with some more information in this matter.Hope you have benefited from this information. Please feel free to post further queries. Also, sign up with us to avail free advice on related issues. Regards,Caron.

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

Can i have a exact criteria which i need to look at while going for a mobile home refinance.

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Telleta
Welcome to MortgageFit forum.
In order to avail a mobile home refinance loan, you need to qualify as a borrower and your mobile home should also qualify for the refinance. To qualify as a borrower, you should satisfy the following criteria.

  • A minimum credit score of 620.
  • Your credit history as well as employment history should be impressive.
  • You must not have filed bankruptcy since the past 5 years.
  • You should have made 3 months payments on the existing loan.
  • You must have 2 consecutive years of tax filings in case you are self-employed.

Your mobile home should also fulfill some criteria for the mobile home refinance loan.

  • The mobile home cannot be older than 1977.
  • It should be built according to HUD standards.
  • The loan amount should not be less than $20,000,00.
  • Your mobile home should have been built in 1990 or after, in case you want a cash-out refinance loan.
  • The home can be situated in a park on a leased land.
  • The size of the home should be about 768 square feet.

Apart from these criteria, there can be some others which vary from one lender to another. I would advice that you consult a suitable lender, provided you have already satisfied the above criteria. Also, refer to our section on Refinance before you apply for a loan against your mobile home.
Please feel free to send us your feedback.

Regards,
Caron.

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

My credit score is 785. My husbands is 660. We have an income of 50,000 per yr. Our employment length at both our jobs is 9.5 yrs. approx. we have a home mortgage now that we intend to turn into rental property. We own a 1.5 acre piece of land with all the utilities newly put on. Land is free and clear. We want to buy a 2280 square ft. single wide. Is this possible? Never late on house payments in 10 yrs. by the way.

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

Cool Tina, To me your credit score looks good and the best part is you have never late on house payments in 10yrs. A lot of people look for single wide mobile home loans for bad credit. But glad to know that you are not one of them.

I think you can get a loan with ease, all you need to do is go to any lender and surely you will get a loan with resonable interest rate.

Chill

Niicss

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tina

It feels great to hear that you and your husband have good credit scores. I also find that your employment history is appreciable. As Niicss has mentioned, with such good scores and income level you will definitely get mortgage loans for any kind of home that you wish to purchase.

Regarding your home mortgage, you can turn it into rental property but your mortgage note should state that option. Depending on your income and other expenses, you can make monthly payments on the home mortgage and also pay for another mortgage in case you take a second loan to buy the other property.

In case you think of reducing your monthly payments on the home mortgage consider refinancing that loan, but check out if you can get a lower rate. Otherwise you will not benefit from refinancing. Moreover refinance your loan when you are still living in the present home. This is because it costs more to refinance in case of an investment property rather than a primary residence.

Hope you will benefited from the information.

Best wishes for your new home. May God help you.

Thanks,
Samantha.

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

my credit is damaged i need a simple mobile loan quickly

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Leslie,

Welcome to MortgageFit Forums.

Don't get disheartened even if your credit has been damaged severely. There are alternative options to get a loan.

Just try to check that your credit doesn't fall back more. We do have a good network of lenders who can help you to overcome this situation. One of them will contact you, analyze your problems and suggest you the best option which you can afford.

God bless you.

Thanks,
Samantha

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

I currently own my 1997 single-wide mobile home. The home sits on a family owned piece of property--which I DO NOT own. I am needing a loan to pay off some of my high intrest loans. Is there something out there for me? My credit is POOR. Please HELP!

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Nana,

Welcome to MortgageFit Forums.

I understand your problem. It is difficult to get a loan at convenient rate with poor credit. Some banks that offer mobile home loans charge a very high interest rates on the consumers with poor credit records. The main goal will be to look for banks that do mobile home loans with no down payment.

But, don't lose hope. There are different types of mobile home loans available to fit your situation. You can try out government mobile home loans also. Only thing, you have to check which one is convenient to you. Also, I would suggest you as a friend, to try and improve your credit gradually as that can sort out your loan problem considerably.

We do have a wide range of lenders who are sincere and efficient to help people in difficult situations as yours. Kindly sign up with us at free of cost. We shall forward your query to an appropriate lender who will call and discuss with you to suggest the best possible way out.

Feel free to ask if you have further doubts.

God bless you.

For MortgageFit,
Samantha

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

My husband and I went through a bankruptcy filed last year, discharged in February /05. We make $70,000 plus a year and our credit scores are only around 450 right now. When we bought our home, we paid about 8% down, but we bought our 10 acres to put it on, drilled a well and have done a lot of improvements including a pool, horse paddock and dog kennel. Homes of less quality with less extras are selling in the neighborhood of $110,000. We reaffirmed our debt and owe approx. $76,000. We would like to refinance with a $20,000 cash out or get a home equity loan for $20,000 to pay for a needed surgery. I have been at my job for 3 years and in the same line of work for 12 years. We currently have an adjustable rate mortgage currently around 10% interest and a 30 year note. We'd like to possibly get a better rate and a shorter loan term but aren't sure if this is possible after bankruptcy. Does it matter that we reaffirmed our debt. We have been 30 days late or less several times over the life of the loan but are current on our payments.[size=18:d01fd99620][/size:d01fd99620][color=darkblue:d01fd99620][/color:d01fd99620]

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

Hi, can i ask that which bankruptcy did you filed. Is it under chapter 7 or charter 13.

Niicss

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

Getting a loan thats too with favourable rate is tough after bankruptcy. You have also mentioned that you have been late few times in making your loan payment, again that will going to effect the your credibility when you will go for a loan.

There are many lenders in the industry who offer loans to the borrower with poor credit. Chances of getting a loan with fair rate looks tough but not impossible.

All the best

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

What adonis is not wrong but no need to worry a lot as there are many lenders who offer loans to the borrowers with poor credit on the basis of present scenerio.

If you can present yourself to be worthy enough for the loan repayment then i dont find any reason that why you cannot get a healthy rate. But make sure before approaching to any company do your homework by getting ready with all the documents to support your statements.

Niicss

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

I am looking for someone who will refi a 1975 double wide mobile, on a permanent foundation. We have 3.5 acres of land in Northern Cal.

Gary Culp

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to MortgageFit forums.

Mobile home older than 1977 is difficult to [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. But don't lose hope as we are going to search it for you.

Kindly sign up with us at http://www.mortgagefit.com/signup/index.html This is a free service and in this way we can forward your query to our network of lenders.

The appropriate lender is going to call you up and listen to your query and suggest the possible help.

God bless you.

For MortgageFit,
Samantha

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

I am trying to find a personal loan using my Mobile home as collateral. Our Mobile home is paid off and we own it. Value is probably around 55,000.00. We are looking to try to get a 10,000.00 dollar loan for repairs and improvement the only problem is our credit is not well at all. Is there any hope for us. We need a new roof and new windows and other needed work.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Sandie,

Welcome to MortgageFit Forums.

I think that I have answered a similar question on this topic.

You can kindly check there. If you have any more doubts feel free to post it here.

God bless you.

for MortgageFit,
Samantha

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

Hello, I own a large 3 star MHP. I have 50 empty spaces. I have a deal with fleetwood going and can get new homes for about $19000. I need a lender to finance these homes, or my tennants who may have a credit score of between 550 - 600 with good rental history and on time car payments. Can anyone out there help me? contact me.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bassmanben,

Welcome to MortgageFit Forums.

It's good to see your satisfaction with your payment record. That indeed helps to maintain a good credit record and lenders like to find customers making regualr payments. So, Finding a lender will not be a problem for you.

We will help you to get an appropriate lender for your requirement. I would like to request you to register yourself free of cost at http://www.mortgagefit.com/community/signup.php

This will help us to forward your query and will enable us to get the right lender contact you.

God bless you.

Thanks,
Samantha

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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 Realtor in PA. I have this listed. Tons of people want it, no one can find financing. Does anyone have any resources that I can direct these buyer's?

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jason,

Welcome to MortgageFit Forums.

I agree with you that it is not always easy to find the correct source although it may be commonly available.

We are here to help people to find the financing based on their needs. If you wish you can refer our site and community so that we can guide your client appropriately.

We will be happy to help you and your clients in getting the best deal and appreciate your visit in our community.

If you have any queries, feel free to post it here.

God bless you.

Thanks,
Samantha

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

I would like to buy this land but it has a 1967 mobile home on it an and I can not get financing for it. I have good credit and a sizable down payment. Can you help me with a reputable lender?

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

Hi Jimmy,

It's good to know that you have good credit and you will be able to make a reasonable amount of down payment. I don't think there should be any problem in getting the loan.

Our community comprises of a group of lenders who always provide their services that benefit borrowers the most. These lenders provide a variety of loan programs and since your credit profile is up to the mark, I am sure that you will be able to get the best from the available programs.

What I would suggest is that you sign up with us and provide us with the loan requirements and other relevant details. This will help us to send your loan request to our Customer Care Department. The Department will then contact the lenders and do their very best to help you with the financing.

Regards,
Jessica.

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

Looking to refinance to take the Ex off the loan or i wil hva eto sell and my kids and i will be out looking for a place

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ameeae,

Welcome to MortgageFit Forums.

You seem to be quite distressed. I shall advise you to face the situation strongly. There will be definite ways to come out of the problem, don't worry.

I guess that you want to remove someone's name off the existing mortgage and that is why you want to refinance. I personally feel this is a better option rather than selling your home. This is because it will take some time before you can get a suitable home.

Can you tell me in details about your situation. Then may be I can come up with a better advice.

Waiting to hear from you.

God bless you.

For MortgageFit,
Samantha

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

I own a 1981 single wide mobile but rent the property the property owner lives on the same land with a 1972 trailer with a large addition it is not on a foundation but it is in no way moveable. She would like to sell us the land and her dwelling i've been preapproved for loans and have good credit but no one will finance because it was once a mobile. Can you help

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, Jamir

Surely we can help you. We have a community of lenders with us who specilizes n various loan programs and I am preety much confident that they will also help you.

Please send me few more details like what is your credir score and all so that i can forward this quesry to the lenders.

There are various lenders in market who deals in various aspect of mobile home loans.

Thanks

Samantha

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

Dear Sir or Madam,

We would like to purchase a property for sale. It is a 1991 mobile home (singlewide) on 2.4 acres with a 30x50 garage in Vine Grove Kentucky. The problem is, the M/H is not on a permanent foundation, so we are having difficulty getting financing. We have 3,000.00 to use for downpayment. Please contact us if you finance this kind of property.

Thank You,

Dennis & Karen Jump

907-350-4387 Cell

907-336-7903 Home

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

Hi Karen,

Welcome to MortgageFit Forums.

Our Community has a group of lenders offering a wide range of home financing options. And, you can easily choose the one you prefer for your mobile home.

But for that you need to sign up with us. As soon as you sign up with us, your loan request will be sent forward to our Loan Department and they will contact you as soon as possible.

Regards,

Jessica.

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

Hello,

I'm interested in purchasing a Mobile Home in an Ocean Front Camping Resort. My credit is horrible, I know that the value of the property will not depreciate due to the location, it is in Myrtle Beach S.C. one of the fastest growing areas in the country. What are my chances of getting 100% financing ?

Signed : Desparate Dan

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dan,

Welcome to MortgageFit Forums.

I would like to know how low is your credit score and the reason behind it. Why don't think of purchasing an apartment or a condo with 100% financing?

It is very difficult to get 100% financing on a mobile home with poor credit. I shall advise you to wait for some time and improve your credit score. This can be done with time and little effort on your part.

You may look for some sub-prime lenders to check if you can get an option but the rate will be quite high even if you get under this condition.

God bless you.

For Mortgagefit,
Samantha

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

Hi , i have a credit score of 571 and i was late on 3 credit cards which have been charged off in 2000 and late 1999 and had a repo in early 2001, all this happen when my mother git sick and i was using most of my income to help her, anyways for the past 3 years since about mid 2003 i have been paying all my bills, 3 new credit cards and a car loan on time. i want to try to buy a new mobile home but i am wonding if with my credit score being only 571, should i wait at least anther year. See also my mobile home i have now, (which was a gift from my step dad who pass away), is in a park that is closing in a yr and i was hoping to get a new home.I am just trying to see if with my credit score and with my mobile home having a trade in value of about 11000 for a down payment, if at all i could get a loan, ANY ADVISE would be welcome, thank you

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

Hi Billy,

My sister closed on a new home with a score of about 570. They were required to put 30% down because of the score.

They could manage with money they got by selling another house. So, you too might qualify for a mobile home loan but the down payment requirement may be high.

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Billy,

It's not easy to get a mobile home loan with a poor score. A score of 620 can be considered good for applying.

But you will find lenders to grant you a loan with a score of 570. May be you will have to make a large down payment and you won't get the convenient rates.

In my opinion you can wait for sometime and then apply so that you get better rates and options with your scores up.

If you wish to go ahead and buy now then, do some shopping around to find a lender with convenient rates. You can also sign up with this MortgageFit Community to help you find a suitable lender.

Blue

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

Hello,

We have a 1985 single wide home on 5 acres of land in Washington state. The mobile home is on a permanent foundation and the title is eliminated. We currently have an FHA 30 yr assumable loan on the mobile and the property. We are looking to sell and relocate, and wondered if the seller could assume our 1st loan and then get a 2nd mortgage on the single wide since the 1st mortgage has an interest rate that is below market rate? Are there any lenders that will do a 2nd mortgage on a single wide mobile on owned land?

Thanks for any help!

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, Tim

Welcome to MortgageFit Forums.

Our Community has a group of lenders offering a wide range of home financing options. And, you can easily choose the one you prefer for your mobile home.

You need to do a no obligation loan sign up with us. As soon as you sign up with us, your loan request will be forwarded to our Loan Department and they will contact you as soon as possible.

Regards,

Caron

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

Often I find that modular homes and mobile homes are mentioned side by side. Are they same?

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colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

No they are different. Mobile or manufactured homes are always built maintaining the HUD and it doesn’t matter where it’s going to be delivered.

A modular home is built according to the building codes required at the specific location where it will be delivered to.

Thanks,
Colin

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

have doublewide on two acres, filed bankruptcy 2002 discharged 2003
chapter 7, husband credit score is bad still 599 maybe, never been late on payment, last three years payment has been on time, we have a 5year adj. loan wont on 15 fixed house payment has always been on time can you help?

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

It's a good thing that you have always made timely payments. Lenders do consider this while approving the loan. Anyway, you can go through the directory of Ranked Lenders at this Community and search for the lender who can suit your requirements.

Thanks.

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

Hi,

Welcome to the forums.

I find that your credit score isn't fair enough but then you have been regular on payments. So, I think it won't be that difficult for you to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url].

Our Community comprises of a group of ranked lenders offering various types of loan programs to people with good as well as low credit. If you are interested in availing such services, go for a no obligation free loan sign up with us.

As soon as you sign up with us, our Loan Department passes on your details to different lenders so that your requirements can be matched with the lender profile. The Department shall then contact you as soon as possible.

Read through our Privacy Policy and How we follow up so that you can go through a simple loan process.

Regards,

Jessica.

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

Hi,

I need help finding a mortgage lender for a mobile home in a rented lot in NJ. I filed bankruptcy and was discharged Sept. of 2005. My credit score is around 680 now and I already have been building my credit up with 2 credit cards which I owe less than $200 on. I have been at my job 4 years and make about $45k a year. My fiance makes the same but has poor credit.

What is the best way to try to qualify?

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helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Barb,

Since your property is located in a rented lot, it is considered as personal property. In that case, you need to look out for personal property loans instead of mobile home mortgage loans.

Your score is fair enough to help you qualify for the loan. Only it is the bankruptcy that can affect getting your credit, as it will stay on your credit report for at least 7 years from the date of filing. Even then, you can qualify for the loan as you have started to build good credit.

I think you should look out for companies offering personal property loans or personal loans for mobile homes. The interest rates on such loans are higher than mortgages. And, you are required to put forward a down payment of 10% with the remaining purchase price being financed through a loan having a total repayment period of 10 to 15 years.

Thanks

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

do you [url=http://www.mortgagefit.com/refinance.html]refinance[/url] singlewide mobilehome++land

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Janice,

Welcome to the forums.

Our Community has a group of lenders offering a variety of loan programs for different types of property. If you can provide us with your credit score and the state where you live in, it will be easier for us to locate if we have lenders offering services in that state.

Thanks,

Caron.

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

I want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] my mobile home loan to do improvements and payoff some credit cards. I need a loan that does not require a permanent foundation. I also have financed my home and land together. The house is a 1999 and it does have synthetic brick around it. It also has a permanent porch that is fully cemented and attached to the home. I've looked all over the internet and haven't been able to find anyone to help me because my home is not on a permanent foundation. Help!!!!

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

[quote:2a460841f1]I've looked all over the internet and haven't been able to find anyone to help me because my home is not on a permanent foundation. Help!!!![/quote:2a460841f1]
Betty, it would be difficult to find financing for a mobile home not on permanent foundation.

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

It is not that all lenders will refuse to finance a mobile home which is not on permanent foundation but I would also agree with penrose that very few will agree to it.

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