Trying to get mortgage for a 1970 mobile home

Buford, GA · Member since 2017 · 11 posts · 2 votes

Hi,

I'm trying to get a mortgage to buy a home that involves an older 1970 mobile home. It's on its own .48 acre lot, not in a trailer park. The home is listed as 12x56 but it's much wider than that because a lot was added on to it. You can't see the mobile home part at all any more. It's on a cinder block foundation and has a shingle roof in good condition that an assessor said looks to be about 4 years old. It even has a small basement where the furnace is. My credit score is very good, but no place I've talked to will deal with a mobile home older than 1976. Can anyone suggest a place that will, or might, or provide any other suggestion(s)?

Thank you for any help!

David

0 Reply

72 views

14 Replies

Jump to latestLatest

Sort by

Rachel H.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
9y
You may want to look into getting a partner or using private lenders. Seller financing is another option. Hope that helps!
0 Reply
Thomas S.
Member since 2016 · 13k+ posts · 12k+ votes
9y
Don't know of any that will provide a mortgage, mostly personal loans unless it is not classified as a mobile home. What does the tax roll list it as.
0 Reply
David Harrison
OP
Buford, GA · Member since 2017 · 11 posts · 2 votes
9y
All I've seen it listed as is as a 1970 mobile home. How can a view the tax roll to see if that's different? The only personal loan I've learned about is with my own bank. They would want $860+ a month at 11%+ interest and I could only get an 8 year loan. That's more than I can afford per month. Do you think there might be better options, and if so can you suggest how to find them?
0 Reply
Bill Ayers
Real Estate Investor · Wamego, KS · Member since 2016 · 22 posts · 13 votes
9y
How much is the asking price and how much are you able to put down?
0 Reply
David Harrison
OP
Buford, GA · Member since 2017 · 11 posts · 2 votes
9y
The price is $65,000 and I have $15,000 to put down.
0 Reply
Bill Ayers
Real Estate Investor · Wamego, KS · Member since 2016 · 22 posts · 13 votes
9y
Originally posted by @David Harrison:

The price is $65,000 and I have $15,000 to put down.
How much do you think the land is valued at?
0 Reply
David Harrison
OP
Buford, GA · Member since 2017 · 11 posts · 2 votes
9y
I think about $18,000.
0 Reply
Jamie Engledow
Boca Raton, FL · Member since 2015 · 249 posts · 52 votes
9y
where is the property located? Just out of curiosity.
0 Reply
David Harrison
OP
Buford, GA · Member since 2017 · 11 posts · 2 votes
9y
It's in Hall County, GA.
0 Reply
Bill Ayers
Real Estate Investor · Wamego, KS · Member since 2016 · 22 posts · 13 votes
9y
Originally posted by @David Harrison:
I think about $18,000.
Ok, so that means they are asking $47,000 for a mobile home that is 40+ years old... No way. In my market, I would not pay $6000 for one that old.
You could buy land and have a brand new one placed on it for much less than this deal... and probably get financing for the land and the home.
0 Reply
Natalie KolodijBusiness Member
Moderator
Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
9y
P.S the reason no one will loan on a mobile older than 1976 is that they didn't have any real standardized safety and building codes until then. That mobile can literally be a fire hazard.
Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
Kolodij Tax & Consulting
Website View Page
0 Reply
David Harrison
OP
Buford, GA · Member since 2017 · 11 posts · 2 votes
9y
Not around here you sure couldn't. You have to have at least 5 acres and it has to be a double wide...at least that's the way it was last I looked into about 20 years ago. You sure couldn't get 5 acres for $47,000 any place in this area. It's a nice neighborhood and there are big new homes built all around it. The seller is a friend of mine and wants to see me get it. They haven't listed it anywhere at all but just put a for sale sign out front and have had a number of people contact them. One person offered them $70K in cash but they said there's already someone who has the first option, that's me (I don't know how long they'll wait though). They told the person the place needs a lot of work and he replied that he would just tear the buildings down and build a nice new house on the property. Then he said he was really surprised they would sell it that cheap. Maybe he was bsing them, but I believe it happened whether he was or not.
0 Reply
Tommy F.
Investor · Charlotte, NC · Member since 2015 · 183 posts · 146 votes
9y
David Harrison IMHO you should walk away from this "opportunity"
0 Reply
Renee Giles Crowder
Member since 2023 · 1 post · 0 votes
3y
21st Mortgage will finance mobile homes built before 1976 if they pass an inspection. But, when you go to sell it will be difficult to do so and you can’t get the equity out of your mobile if you need it. But 22st Mortgage will lend pre 1976
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.