2007-07-27 08:57:53 · 5 answers · asked by masterjnla 2 in Business & Finance ➔ Renting & Real Estate
Everyone else is right. It is tricky to find a lender these days that will touch a mobile home. You can get a loan for a double wide with FHA, but they won't even consider a single wide. Also keep in mind that they add points to the interest rate if it is a manufactured home (usually 2.5) and they also sometimes add points to the interest rate if it is under a certain amount (they might add 0.5 if it is under $75,000 for example). Even if you get approved on an FHA loan, there is still going to be a ton of time and work involved in order to satisfy all the conditions of the loan.
From what I have experienced as a loan officer, you might as well find a small house that will fall in the range of what you can afford for a monthly payment.
2007-07-27 16:20:51 · answer #1 · answered by MissSara12345 2 · 0⤊ 0⤋
Pre fab homes are often times better made than mobile homes...There really isn't a catch, go to your bank, get a loan, yes you can do 30yrs. Most people get a prefab & put it on a basement, I believe that is what they were built for. Mobile homes you can just skirt. If a mobile home is not on a solid foundation such as basement or cement slab, you will have more probs in the long run. They make them better than they used to but frozen pipes was always a problem with mobile homes 10yrs ago...
2016-04-01 05:17:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A mobile home is an RV that does not move. At least as far as value is concerned. A 10 year old mobile home is worth more as scrap metal that it is intact. Any lender that will give you a 30 loan on a mobile home is insane.
2007-07-27 09:02:46 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
No...If one buy a "mobile home", and places it on a FHA approved foundation, then it will qualify for an FHA loan. Check out the Realtors in your area instead of asking us.
2007-07-27 09:02:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Highly unlikely, unless it is brand new.
2007-07-27 15:12:07 · answer #5 · answered by godged 7 · 0⤊ 0⤋