alot of banks wont because the mobile home isnt sitting on a slab(its anchored and on blocks) this is in west texas area. thank you
2007-01-08 04:51:20 · 5 answers · asked by 1st-time-mommy 1 in Business & Finance ➔ Renting & Real Estate
Check with US Bank... they are still doing manufactured homes. They will even allow bank statements to be used as income versus 'full' doc. No stated however...
Also, check with Scottmans Guide www.scotsmanguide.com
Enter in your search criteria and lenders will appear.
Good Luck
Kevin 866-562-6838 x 106
kruorock@firstratelending.com
2007-01-08 06:57:18 · answer #1 · answered by Mudisfun 3 · 0⤊ 0⤋
I had the same problem in the state of Florida. It is virtually impossible to get a mortgage on a used mobile home, because they depreciate in value like a car rather than appreciate like a foundation home. I was working with a small mortgage broker in my area, but was forced to look into an 80/20 loan, which I couldn't get together, so the deal fell through. Maybe if you contact some of the smaller mortgage brokers, they can find financing for you. It is a long shot, though.
2007-01-08 05:03:58 · answer #2 · answered by Belle75 2 · 0⤊ 0⤋
Most banks won't finance mobile homes. Most places that sell Mobile homes have financing thru finaince companies or private lenders. Private lenders charge a lot of interest.
2007-01-08 07:25:50 · answer #3 · answered by sm4125 3 · 0⤊ 0⤋
I sure do. Vanderbilt Mortgage and Finance, Inc. They are the only lender that I know of that still do this type of financing. I don't know how good their custormer service, rep, etc. is, but there really aren't that many options out there for you.
http://www.vmf.com/
2007-01-08 05:23:00 · answer #4 · answered by KL 5 · 0⤊ 0⤋
Same problem in Pennsylvania. I have also been told to refer people to Vanderbilt. But, if the mobile home is on leased land, they might be able to refer you to some local loan companies also.
2007-01-08 05:41:43 · answer #5 · answered by c21bucks 2 · 0⤊ 0⤋