How to finance a 1972 manufactured home

8 Replies

I was wondering if anybody had any ideas on where to get financing  on a manufactured house thatwas built in 1972. Anything pre 1976 seems to be really difficult in getting a loan on due to the fact that he did not start approving manufactured homes until 1976. There is an acre of land associated with the property but the fact that there is a house on it makes it really difficult to get financing. Any ideas? Thanks in advance!

A pre 1976 manufactured home has a negative value. Have it hauled off and do any financing based off the value of the land. If that doesn't work, then the deal is not worthwhile. Treat the "home" same way you would a house that needed to be scraped due to structural failure.

You line someone up that will remove that garbage from your future property for a fee, and look at land-based financing. 

However, that home could bring in $1200-1500 monthly.  Plus I could rent out the horse corrals, and build a mother-in-law apartment of up to 1000 sq ft.  Then I could scrap the place and rebuild it later.

Well, I can't really bring much to the table. I just wanted to comment on some people here calling them/it junk. Earlier this year I was looking for a home and I found this 2/1 double wide on a beautiful corner lot in a small town with mature landscaping, two outbuildings and a two car garage with shop. The house itself was very nice. I'd been looking in this price range and that led me to see a lot of manufactured homes in WA state. I almost missed it - I knew about the June 15, 1976 thing and this was 1975. I called my mortgage guy and sure enough not financeable. I finally verified that with the listing agent. She originally had said one of the terms was conventional. She changed it to only cash out. It's really a shame. I don't have $185,000 in cash. I looked at a half dozen other manufactured homes that day and have since seen many others that were built after 1976. Most of them were truly trash. Some were maybe a little nicer because they had extensively updated, but of all the houses I've looked at near my price range over the last 3 months, this is by far the nicest total property I've seen. Just a pity. The seller will have to wait for a cash buyer.

In a very similar situation. The home is dated but, in great condition, good enough condition to rent, has had multiple additions added and a nice detached workshop and 3 bay garage. I can't find financing for land only. My lender is saying that it can only be land financing if there are not utilities and developed a lot in place. I've asked about seller financing but my agent said they're not interested. They're asking 129K... The land with garage only is worth $85K in my analysis. Any ideas?

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