I have a 1994 mobile home on a big corner lot in PA. The mobile is anchored to a permanent cement slab and the axels and tires were pulled. There is now an addition so it looks more like modular, double wide,, not sure of the correct wording. The land and the home are both paid in full. My credit is fair. As soon as they hear "mobile" the conversation is over. Am i looking too the wrong lenders? Why will they not give me a loan and use my home as collateral? The property is worth about 78,000 and I only want to borrow 28,000. Banks will finance them when they are bought from dealers so why is this different? I really need to figure this out and find someone who can quote me terms w/o wasting each others time. The property is also paid in full. I have a land deed for that and a title for the mobile home. Can i change the title to a home deed? Good luck with this one,, I appreciate ur input.
2007-05-15 16:16:58 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It sounds like you have done most of the things to make it real property. Besides the axles and tires I hope you had the tongue removed.
You said it sits on a slab, but there needs to be some sort of foundation too, concrete block, poured concrete, pony wall – something. This might make a difference; the lender would probably want to see something permanent down there.
Lastly, and this is a biggy, you need to make sure that the mobile is considered real property. Mobile homes start out as personal property with some sort of DMV license in most states. You would need to contact your assessor to find out if the mobile is personal property and if so how to change the mobile from personal property to real property.
Then you should be able to find a lender that will work with you.
Good luck.
2007-05-15 16:39:53 · answer #1 · answered by GaryODS 3 · 1⤊ 0⤋
You have a real problem here. The last time I checked the only large lender that was still lending on manufactured housing was a company in California called Argent. The reason that most company's won't lend on these properties is that many times they have been burned by people removing the home after taking the loan. I know that you said the wheels are off and its permanent but realistically the wheels can be put back on almost as easily as they were taken off. I worked as an Appraser for The Department of Housing and Urban Development for a while and you can't believe how bad some of the trailers get in a short period of time.
Sooo... Try some B lenders and maybe even Argent and see if they have loans available on Manufactured homes. Avoid the "mobile Home" word if at all possible. Bad conotations if you think about it. If worse comes to worse go for a loan on your property value alone. Also, there are always hard money loans out there if you don't mind paying a little higher interest rate. Check with your local bank and real estate agent and they may know some lenders that are familiar with your neighborhood and who will be more open to helping out.
Good luck
2007-05-15 16:44:56 · answer #2 · answered by Traveler 7 · 0⤊ 0⤋
My father is a real estate broker in California and he once told me that lenders got burned on mobile homes because of people physically moving the asset. In Cali at least they tend to classify all prefab housing in the same group as mobile homes for the most part depending on the lender. If you have equity in the lot then that may be your best bet. In my own experience and listening to Clark Howard show on AM radio I have heard that a Mobile home DEpreciates like a car for the most part as opposed to a house APpreciating over time. hope this helps...
2007-05-15 16:30:37 · answer #3 · answered by sgmillionaire 3 · 0⤊ 0⤋
First, do not touch online predators. Spammers, like Marty from extra suitable very own loan Sharks, are desirous to prey upon your difficulty, not help. you are able to go through worse then financial lose, you need to be giving your credit advice to an identity thief and go through for destiny years. it is totally not elementary to handle in case you take care of anotehr united states of america, there is no thank you to appreciate the place somebody online is quite placed and in case you have any criminal rights in the event that they thieve from you. And no, you are able to not get a private loan on something that doesn't exist.
2016-11-04 01:57:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I think your phrasing is the problem. You probally can not get a home equity loan but talk to a local bank or credit union about a bank loan. Tell them they can use the property as collateral.
2007-05-15 16:22:06 · answer #5 · answered by Lily 7 · 0⤊ 0⤋