Mobile Home Refi or Term/Rate in Texas?

Question

I am having trouble finding any lenders who will do a refi or a term/rate on a mobile home I purchased and placed on the land? I really would prefer to grab my cash out which is less then 75% of ARV than doing owner finance. Are there lenders that offer such products on mobile homes or is my only option to do a owner finance? I am a new investor and somebody convinced me this was a good deal. Come to find out FHA won't finance a mobile home that has been moved >2 times which this one has.

Brandon Bayles · Answer

@Rachel H. That is a great idea that never crossed my mind. I sure appreciate your reply!

Brandon Bayles · Answer

@Miriam Seidel that is what I will do exactly. Thank you ma'am!

Miriam Seidel · Answer

If it's on it's own land, consider putting on a permanent foundation (usually cinder block works),

and then you should be able to change the "mobile home" into "real estate" and hence get regular

financing. Also, will UP the value of the home considerably.

Rachel H. · Answer

@Brandon Bayles You may want to talk to a few mobile home parks and mobile home dealerships to see who they are working with. Usually, they will be working with mobile home friendly type lenders. Though, the interest rates may be higher than your traditional single-family home. This will depend on the lender. Also, check with your local manufactured housing association. They may have a few referrals for you. Good luck!