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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:
/styles/mortgage/img/mobile-home-loan-steps.png


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($)

if i have a credit card and a truck payment , payments are always paid on time . Would i be qualify for a mobile home morgage having the 5% dowm payment

Like | Dislike | Share | Posted: Wed, 04/06/2011 - 23:32 | Post subject:

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

mobil home in monrovia for less than 25,000.00

Like | Dislike | Share | Posted: Mon, 10/17/2011 - 11:55 | Post subject:

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

A man who finances loans for a living told me that there is now only one loan company that covers loans for manufactured mobile homes. He said he would try to discourage me from buying a manufactured home, and that he was unable to finance a loan for a manufactured home. He also said these homes do not appreciate in value and soon there will be no loan companies that will finance manufactured home loans. Is any of this true, or is it just a rumor/lie?
Thanks,

[size=9:aac22b5644][color=Red:aac22b5644][Email address deleted as per forum rules][/color:aac22b5644][/size:aac22b5644]

Like | Dislike | Share | Posted: Sun, 09/20/2009 - 13:28 | Post subject:

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

i am renting a mobile home it is on 5 acres of land and my landlord wants to sell the land and home he is asking 60000 most of the land is not useable and the water is not drinkable should i get it appraised before i buy,i have done a lot of work to this property myself and i am also wondering what kind of loan i should try to get,i would like to sell the mobile home and buy a double wide? :?

Like | Dislike | Share | Posted: Tue, 06/22/2010 - 09:54

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

marcus, you ought to have a lawyer on your side to direct and counsel you in this. it's been a long haul, and you're so close that it may be painful to go on, but you may be best off to continue. beginning again is no guarantee that the next transaction will be a whole lot smoother, for one thing.

if you have legal counsel, you may be able to use persuasion to get this home done that's been delayed for so long. i agree that 5 months is outrageous, but i hope you'll consider all of the consequences before you do anything rash. your contract ought to be able to spell out any penalties you might incur, though having a lawyer would certainly help with that also.

Like | Dislike | Share | Posted: Fri, 12/04/2009 - 12:47

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

Hi Guest,

As there is an IRS lien on the property, the lenders are not ready to give you a mortgage. You need to pay off the lien first and get a lien release certificate from the IRS. Then you can apply for mortgage.

Thanks

Like | Dislike | Share | Posted: Thu, 07/01/2010 - 00:22

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

Hi aitkenskatherine,

With a credit score of 575, it would be quite difficult for you to qualify for a loan. Moreover, your property is located on a leased land, you may not be able to get qualified for a conventional mobile home loan. You will have to go for personal property loans. It will depend upon the personal property lenders in order to get a mortgage for your property. You'll have to improve your score and then apply for a loan.

Hi Mima/lex_mima,

You can apply for a short sale in order to get rid of the property. However, the lender will accept your request only if you're delinquent on your mortgage payments. But you should note that a short sale will have a negative affect on your credit score and will reduce it by 80-100 points. Also, you won't be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] immediately after a foreclosure.

Take care.

Like | Dislike | Share | Posted: Mon, 08/02/2010 - 04:03

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To Debbie,

If your credit is not good, it won't be possible for you to qualify for a mobile home loan. You should improve your credit score first and then look out for a mortgage. In order to know some steps to improve your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

To charles,

This is a mortgage community and not a mortgage company. If you want to get a loan for your manufactured home, you'll have to contact the local lenders in order to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. They will check your financial situation and let you know whether or not you qualify for a mortgage.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 09/24/2010 - 23:27

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

Having a difficult time finding a lender to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] a small mortgage balance on a 1971 2br ranch style mobile-manufactured home in a very well respected 55+ senior community where I rent the land.

Like | Dislike | Share | Posted: Wed, 11/09/2011 - 05:05 | Post subject:

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

I am a realtor trying to find a VA lender for a potential buyer that would like to purchase a manufactured home already set up on land

Like | Dislike | Share | Posted: Mon, 02/22/2010 - 17:49 | Post subject:

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

I have a 1974 double wide mobile home. It is paid off on leased land. I have had medical issues & a divorce & want to see if I am able to take a loan against or finance my home to pay off my car & ALL debt not in my divorce & use some upgrade floors? My credit score is 575 but if do loan then will be even higher. I have good secure job net $650.00 week just bad coice husbands & was sick. Please let me know if I can & maybe who or where to search. Thanks

Like | Dislike | Share | Posted: Sat, 07/31/2010 - 09:38 | Post subject:

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

Hi Robert,

You can contact your present lender and apply for a [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. Depending upon the equity that you've in the property and your credit score and financial situation, you may or may not get a refinance.

Thanks

Like | Dislike | Share | Posted: Fri, 08/06/2010 - 01:37

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

My wife and I own a share with an assigned mobile home lot in a 55+ mobile home park. It is a co-op with a lot assigned. There is a couple interested in purchasing the lot but they went to a bank and were told that they could not get a loan for more than twice the cost of the lot. I purchased the lot for $20,000 in 2006 but am only asking $16,000 due to the economy. This would, of course, only allow for a $32,000 loan. The park requires a new double wide so this would by no means cover more than a fraction of the total cost of the lot and new mobile home. This mobile home lot is Terra Siesta Coop in Ellenton, Florida. Is there a way they could get a larger loan amount from your company?

Like | Dislike | Share | Posted: Fri, 09/10/2010 - 18:18 | Post subject:

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

hi we are looking for loan where we can purchase a mobile home and land. my husband has no income or credit and i have good great but limited income and very little for a down payment. is there a loan out there to help us.

Like | Dislike | Share | Posted: Mon, 09/20/2010 - 19:50 | Post subject:

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

I need one for 20,000 ,want to pay off existing loan for 8,ooo which will free up 8,000 of my money on a secured loan ,Who can help me with this

Like | Dislike | Share | Posted: Thu, 10/22/2009 - 09:22 | Post subject:

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

Welcome David,

As your property is free and clear, you can use it as a collateral in order to get a loan. This will help you in buying out your wife.

Like | Dislike | Share | Posted: Mon, 01/23/2012 - 00:54

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

how long do we have to wait to qualify for a loan on a manufactured home

Like | Dislike | Share | Posted: Sun, 02/28/2010 - 08:18 | Post subject:

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

I have been aproved for a VA loan guranty(citf of eligibility) I wish to purchase a newer Mobile with land share I live in FL. and could not find a lender

Like | Dislike | Share | Posted: Mon, 02/01/2010 - 08:18 | Post subject:

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

hi i need a loan four a mobil home

Like | Dislike | Share | Posted: Mon, 09/20/2010 - 20:29

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

It is true that unless you sell off the property, you will be responsible for the maintenance of the property. Thus, it's better to sell off the property once you move out of it. You may have to pay a certain amount in order to short sale the property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Sun, 06/12/2011 - 23:56

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi rachelbell!

Welcome to forums!

You will have to contact the local mobile home loan lenders and apply for a mortgage on your 2001 mobile home. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if you can qualify for a mobile home loan.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 02/20/2012 - 21:18

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

We have an older mobile home that is paid for in a mobile home park, which we want to sell on our own. We're interested in purchasing a double wide in another park with 20% down, leaving a loan amount of apx. 70,000 - our credit score is 800 - possibly what would be our interest rate on a personal loan?

Like | Dislike | Share | Posted: Sun, 03/07/2010 - 06:58 | Post subject:

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

My wife and I have an existing mortgage on a home we bought about 4 yrs ago. It is an older home in need of serious renovations. Is there any way we could buy a double wide and have the existing loan rollover onto the price of the doublewide? Any info would help. Thank you!

Like | Dislike | Share | Posted: Mon, 05/10/2010 - 09:42

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

We have alot of debt but we make 4500.00 a month. Our mobile home has a foundation. I would like to take a full mortage out to pay of all our debit and have one big payment. We need $250,000.00 to pay off all our stuff. Is this even possible? Our property was assessed at $180,00.00 to $230,000.00. In this loan I wouls like to so a 2005 Ford F350 Super Cab, a 2001 Travel Trailer, 2003 And 2005 Snomobiles, and other debt. Please let me know what is possible. Thanks

Like | Dislike | Share | Posted: Tue, 05/25/2010 - 10:36 | Post subject:

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

We are in the market to get a manufactured home loan. We currently live in a home that we owe 88000 on. We plan on selling it for no less thatn 125000. We have found a manufactured home on 5 acres that is priced at around 90000. When we sell our home, we would like to have around 10000 to make improvements on the manufactured home we plan on purchasing. What kind of loan programs are available?
What kind of credit score would we need to get a loan?

Like | Dislike | Share | Posted: Wed, 09/15/2010 - 16:30 | Post subject:

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

My husband and I have found the house, and the lender said our credit looks good, but we are having an issue coming up with a down payment and the amount we need is not a lot. Seeing if there is an option for a down payment loan or second mortage.

Like | Dislike | Share | Posted: Mon, 02/22/2010 - 17:56 | Post subject:

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

Is there a way I can find out what my credit score is for free?

Like | Dislike | Share | Posted: Mon, 03/22/2010 - 08:42 | Post subject:

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

The mobile home is located in Alexandria VA 22306
Thank you

Like | Dislike | Share | Posted: Thu, 02/16/2012 - 08:52 | Post subject:

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

I recently purchased a doublewide which I moved onto 46 acres. I financed both the home and land via our local bank so that we could get into the home faster. Our local banker said that their rates were not competitive but that most customers just refinance with another lender once they get into the home. So, we did not foresee any trouble as we have good credit. However, I am having extreme difficulty finding anyone who will loan on a doublewide with the 46 acres. If I had 5 acres or less...no problem. If I had over 80 acres...no problem; just not the 46 acres. Do you know of anyone who finances both acreage and homes together? I am desperate as my current note is a variable rate loan and I really need to find a fixed rate mortgage as soon as possible...thanks

Like | Dislike | Share | Posted: Wed, 12/23/2009 - 17:43 | Post subject:

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

My mother passed away last year. My dad gave me the property when he passed away. The old house burned down and I gave the property back to my mom as a Gift of Deed. She did not have a Will because I was her Power of Attorney and as I have made payment on the home since day one, it was known that the property would be mine when she passed. All of her mail have Attention: To me. Is it possible that I can assume payments instead of refinancing?

Like | Dislike | Share | Posted: Tue, 05/25/2010 - 11:59 | Post subject:

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

Welcome becky,

You will have to contact the local lenders and apply for a loan. I guess you have a mortgage on your present property and want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] that existing mortgage. You can contact your present lender or other local lenders for the same. Depending upon the equity that you have in the property, your income, etc., the lender will let you know whether or not you will get a refinance. This community, too, has a large number of lenders. You can seek a no obligation free mortgage consultation from them. This will help you know whether or not you would get a loan.

Like | Dislike | Share | Posted: Wed, 06/09/2010 - 23:44

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

Hi jasneskis,

You should contact an attorney who will help you in drafting the promissory note and other applications. He will be the best to help you in this regard.

Hi A Hicks,

You should own your property for at least 8-10 months prior to refinancing the home loan.

Hi R.Pilot,

You will have to speak to your current lender regarding refinancing both the land and the property together. You should have equity in your property if you want to refinance the loan. If there is no equity in the property, then you won't qualify for a refinance.

Thanks

Like | Dislike | Share | Posted: Tue, 03/02/2010 - 22:29

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

my interest rate ia 12% now and my payments are to high, i need to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] so i can afford the payment. where in NC can i get a loan for this. my credit is not that good because of medical bills

Like | Dislike | Share | Posted: Tue, 05/25/2010 - 12:23 | Post subject:

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

Hi Madeline,

In order to get a personal property loan for your mobile home, you need to contact the retailers who sell mobile homes. They will be able to help you in getting a personal property loan.

Thanks

Like | Dislike | Share | Posted: Wed, 06/16/2010 - 01:44

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

have land payed for,need loan to purchase a new manufactured home and other improvements to land, we bacicly know how much we need to borrow, the home will be on a permanent foundation

Like | Dislike | Share | Posted: Sun, 04/11/2010 - 10:22 | Post subject:

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

what are the interest rates ?

Like | Dislike | Share | Posted: Wed, 04/21/2010 - 13:29 | Post subject:

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

Hi Pritchard,

You can contact your friends or relatives to check out if they can gift you the money for down payments. You can also contact the housing authority of your state to find out if they can offer you any down payment assistance.

To Hilda,

Your client or you can seek a no obligation free mortgage quote from the lenders of this community to find out if anyone of them can help her in getting a mortgage.

Thanks,

Jerry

Like | Dislike | Share | Posted: Tue, 10/19/2010 - 03:40

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

Hi Tim,

Mobile homes do qualify for First Time Buyer Tax Credit. But the tax credit is applicable only in case of a purchase of a real estate property. Mobile homes sitting on permanent foundation on a piece of land owned by the home owner are considered as a real estate property. These homes qualify for the tax credit. However, as far as I’mm aware of, if the mobile home is on a rented lot and is not sitting on a permanent foundation it is considered as a personal property rather than a real estate property. This is why these homes do not qualify for the tax credit. However, it is best to contact the IRS in this regard.

Hi stantheman,

A mobile home on a permanent foundation is considered as a real estate property and a permanent home. These types of loans qualify for a mobile home mortgage loan. Thus, you can surely go for a fixed rate mortgage loan.

FHA offers a Title I loan program to help borrowers purchase either a mobile home or both a mobile home and a land. The home must meet the property eligibility conditions as specified in the HUD guidelines. You need to have a score of 620 at least and a decent income to qualify for the loan.

You may seek a no-obligation free mortgage consultation with the community lenders and check out what type of mortgage you can qualify for. They will consider your financial situation, your credit and your requirements and will offer suggestions on the right kind of mortgage which serves your purpose.

Hi Elaine,

You can get a mortgage loan to purchase a mobile home if you have clear title to both the land and the home. Are you going to rent the mobile home or just the land? If you are going to occupy the property as your primary residence, you can get loans at low interest rates. But if you are going to rent it out, you will have to pay a higher rate of interest.

You, too, can go for a no-obligation free mortgage consultation with the community ranked lenders and see if you qualify for a mobile home loan.

Thanks,

Jerry

Like | Dislike | Share | Posted: Fri, 09/11/2009 - 05:13

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

Looking to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] my "single wide" mobile home and 40 acres of land, but not sure what the best avenue is for me... any suggestions?

Like | Dislike | Share | Posted: Wed, 07/28/2010 - 11:33 | Post subject:

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

My wife & I have an older model mobile, ~1988 I think, on 30 acres. We only owe $110,000 on the whole package and have excellent credit and both have long employment histories with a combined income of over $120,000/yr. We want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] at lower rate if possible increase cash flow. Any suggestion would be helpful. We're currently paying 5.4% but
any mortgage companies have backed away pretty quickly.

Like | Dislike | Share | Posted: Thu, 08/19/2010 - 09:09 | Post subject:

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

Hi stars,

With a recent bankruptcy, you won't be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] immediately. Depending upon the type of bankruptcy you filed, you won't be able to get a mortgage for the next 2 - 4 years.

To Darlene,

With the scores that you've, you will be able to get FHA loans. You won't be able to qualify for conventional loans. Thus, you should contact the local FHA lenders and apply for a loan.

Like | Dislike | Share | Posted: Fri, 02/04/2011 - 01:56

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

I currently have financing on my manufactored Home(half way paid off) but I do not have land Is there a way refi to buy land

Like | Dislike | Share | Posted: Sun, 04/03/2011 - 11:34 | Post subject:

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

i need help getting aprove to get a mobile home but my credit it not good so anybody what shall i do?

Like | Dislike | Share | Posted: Wed, 09/08/2010 - 16:36 | Post subject:

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

Hi Tracy,

To finance a mobile home in a park you need a personal property loan. Getting a mobile home mortgage loan will not be possible, if you do not own the land on which the home is sitting. Have you checked your credit scores? What are they? What kind of loan amount are you looking at?

You can check out the How Much Mortgage Can I afford calculator to find out if you can afford the amount of mortgage you are looking for. In case you can afford the mortgage and have good credit, you can go for a no-obligation free mortgage consultation with the community lenders. You will get to know if you can qualify for a loan of the required amount. The lenders would also be able to suggest you some kind of mobile home loan program that will serve your purpose.

Hi Amber,

I don't quite believe that there is only one loan company that offers loans for manufactured homes. It is true that the number of lenders offering such loans has diminished due to the sub-prime mortgage crisis. But this does not mean there are no lenders to finance mobile homes. Many people are still buying such homes. However, you may have to do a bit of extensive search for a lender, depending on which state and county the property is in.

The fact that mobile homes depreciate in value is true. But as far as I know, it is applicable only in case of a mobile home without a permanent foundation. These homes are considered to be a personal property, which is why they depreciate in value. On the other hand, mobile homes with permanent foundation are treated as real estate properties and they appreciate in value, like any other real estate property.

Thanks,

Jerry

Like | Dislike | Share | Posted: Tue, 09/22/2009 - 05:29

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

How do i go about getting approved for a loan and how much

Like | Dislike | Share | Posted: Thu, 10/01/2009 - 18:23 | Post subject:

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

Dont forget:
Americash is known as one of the Nations top originators of residential mortgages. Americash pursues cost effective advertising, primarily through the internet, and passes the savings through to the consumer in the form of lower rates.

Like | Dislike | Share | Posted: Wed, 11/07/2012 - 11:58 | Post subject:

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

I'm looking at a 1972 2br/1b 12X60 (relatively small) This is in a mobile home park. I can put 60% of the purchase price down but need about $7000 in a loan. I don't want to extend that to 10 years. are there any loans available for #1. that small amount, #2 that old a trailer or #3 that small of square footage?

Like | Dislike | Share | Posted: Thu, 02/11/2010 - 18:09 | Post subject:

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

My property is valued at 250,000 and I owe 58,000. I want to refinance. Can you help?

Like | Dislike | Share | Posted: Fri, 07/09/2010 - 14:04 | Post subject:

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

Hi cd,

What is your credit score like? In order to get a conventional loan, you should have a credit score of around 700-720. If you do not have so, lenders won't qualify you for a loan. If you want a FHA loan, then you should have a credit score of 620 minimum. Apart from this, you shouldn't have negative items on your credit report. If you have the minimum credit score, then you can contact the lenders and get pre-qualified for a loan. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know whether or not you would qualify for a loan.

Thanks

Like | Dislike | Share | Posted: Fri, 01/15/2010 - 23:46

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

i am married, i live in tucson az. it is true that because i married but separate and want to apply for a home loan they have to include his debt in mine?

Like | Dislike | Share | Posted: Mon, 04/19/2010 - 16:53 | Post subject:

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