they are just like regular homes. what the hell?!
2006-08-21 09:21:00 · 9 answers · asked by sirap 1 in Business & Finance ➔ Renting & Real Estate
This is because they are typically not "grounded" and are deemed to be undesirable collateral. Some banks will finance mobile homes provided you own the land and it is owner occupied. Check out your local community bank and see what they can do for you............
2006-08-21 09:27:43 · answer #1 · answered by boston857 5 · 1⤊ 0⤋
The problem is that they are not perceived to be regular homes. When a lender sees a home that was trucked to the property, they also see a home that can be trucked away from the property.
More in depth here:
http://www.searchlightcrusade.net/posts/1122303657.shtml
Also, in 1979 new earthquake standards came into effect for those. I know many lenders that will do manufactured homes permanently affixed to foundations on land you own, but none will touch anything older than that as far as manufactured homes goes.
No matter what, expect to need a down payment. Nobody does zero down loans on manufactured homes.
2006-08-21 18:07:35 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
if the mobile home is a pre-76 meaning it was built pre 1976, forget about getting financing.
There are quite a few lenders out there willing to assist with mobile home loans, just make sure you aren't paying your annual tax bill to the dmv or you're probobly not going to get a loan on it. I'm shooting from the hip but right off the bat I can think of Indymac Bank, they're a national lender.
2006-08-21 16:36:39 · answer #3 · answered by Du Hast mich? 3 · 0⤊ 0⤋
mobile homes and manufactured homes are defined different by Government guaranteed programs,and do not qualify for example under Fannie Mae and in most states are considered motor vehicles until permanently attached to the land. On the other hand Modular home qualify for these government guaranteed programs. Get a modular same thing just stronger lobying group.
2006-08-21 21:02:27 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Mobile homes are not just like regular homes. They actually depreciate as time passes. If you have damage and you turn in an insurance claim you are given "blue book" type compensation, just like with a car.
If you defalt on the loan early on, the lender will be upside down.
Lenders do not like to assume that type of risk without substantial downpayment.
2006-08-21 16:46:18 · answer #5 · answered by Sharingan 6 · 1⤊ 0⤋
MOBILE HOME FINANCING - MANUFACTURED FINANCING
Do not know what state you live in, but here is a web site for you to check out - you can also put in key words on yahoo: manufacturing financing; mobile home loans, etc
Welcome to 21stmobilehomeloan.com
Your source for Mobile Home Financing
Following is a summary of our most popular programs. Additional guidelines apply.
Please call 1-800-955-0021 or complete one of the online loan applications.
Our Conventional Loan program provides standard fixed rate financing for new and previously-owned manufactured homes (1974 and newer).
Our all-in-one Land/Home financing program offers financing for both home and property. This program features flexible loan terms for both new and pre-owned homes, and the option to use land equity towards the down-payment.
Staged Funding Our Staged Funding program for land/home purchases provides funding in four stages as work progresses, and offers convenient payment options during the construction period.
With Classic-Land-in-Lieu, customers use the equity in the land they own towards a down-payment on a new or pre-owned manufactured home.
FHA / FNMA Freddie Mac
Yes, you may qualify for trememdous savings with a conventional mortgage loan on your multisectional manufactured home or modular home.
21st Mortgage Corporation
21stmortgage.com
info@21stmobilehomeloan.com
1-800-955-0021
2006-08-21 21:51:56 · answer #6 · answered by W. E 5 · 0⤊ 0⤋
Mobile homes are not considered as an improvement to the property. Mobile homes depreciate in value each year and aren't built to withstand time as normal house is. Still, it is not impossible to pull of this endeavor, but I highly suggest you buy a house instead of a mobile home (it is a bad investment)..
2006-08-21 16:46:42 · answer #7 · answered by linkus86 7 · 1⤊ 0⤋
probably because the trailer can be moved from place to place it isn't like a regular home at all, a regular home is on a foundation and a single wide mabile home can't be put on one that is why it is hard for you to get alone.
2006-08-21 17:11:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I could answer those questions online for you if your interested. I'll need a few more details but I could help you out in this scenario.
Antal
Surefast Mortgage
Follow this complete link:
http://gabbly.com/http://www.surefastmortgage.com/
2006-08-21 16:29:49 · answer #9 · answered by Antal T 2 · 0⤊ 0⤋