I am having trouble finding a lender for a pre- Fanny Mae manufactured home It is a 1972 but is on three acres of land appraised at way more than we are looking to borrow.
2007-12-05 14:05:40 · 4 answers · asked by closethippie 1 in Business & Finance ➔ Renting & Real Estate
depends...
is the home and land declared real estate in the tax office ?
if the home has a title and tags still then no. But if it is real estate many banks and credit unions will if your credit is good.
Call a few LOCAL mortgage brokers ( not the internet scam ones ) there is private money usually available but the interest rates are a little high
2007-12-08 02:45:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You might be able to get financing based upon the value of the land but a 35 year old mobile home is worthless as far as mortgage money is concerned. Mobile homes do not appreciate like conventional homes do and one of that vintage is fully depreciated by now.
2007-12-05 22:18:19 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It cannot be done, unfortunately. Even the newer manufactured homes, which are made to the same standards as regular homes, do not gain in value or even hold their value. Beware of companies that do try to finance you... they may have other hidden bad stuff... read the fine print.
2007-12-05 22:13:17 · answer #3 · answered by Angie 4 · 0⤊ 0⤋
TRY a credit union
2007-12-05 22:11:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋