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Private Lending & Conventional Mortgage Advice

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Zacharee Carmack
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Need help finding special financing

Zacharee Carmack
Posted Mar 30 2023, 17:19

Hello,

Currently looking for a lender who can lend on a single wide mobile home and land. This loan would be as a second and/or investment property in NC. From my understanding is Fannie/Freddy only allows lending on single wide if it is a primary residence.

Anyone have any programs that could solve this problem?

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Randall Alan
Pro Member
  • Investor
  • Lakeland, FL
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Randall Alan
Pro Member
  • Investor
  • Lakeland, FL
Replied Mar 30 2023, 18:23

@Zacharee Carmack

Hardly any lender is going to want to be in second position.  The usual path is to pay off the first with the new loan that incorporates the old balance that will then put the new lender in first position. Any Fannie Mae lender could probably do that.  Is there a reason why the first couldn't be paid off?  Why does it need to be a second? 

Randy

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Zacharee Carmack
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Zacharee Carmack
Replied Mar 30 2023, 18:38
Quote from @Randall Alan:

@Zacharee Carmack

Hardly any lender is going to want to be in second position.  The usual path is to pay off the first with the new loan that incorporates the old balance that will then put the new lender in first position. Any Fannie Mae lender could probably do that.  Is there a reason why the first couldn't be paid off?  Why does it need to be a second? 

Randy

Second home mortgage or vacation home, not second position. 
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Randall Alan
Pro Member
  • Investor
  • Lakeland, FL
1,425
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1,149
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Randall Alan
Pro Member
  • Investor
  • Lakeland, FL
Replied Mar 30 2023, 18:49
Quote from @Zacharee Carmack:
Quote from @Randall Alan:

@Zacharee Carmack

Hardly any lender is going to want to be in second position.  The usual path is to pay off the first with the new loan that incorporates the old balance that will then put the new lender in first position. Any Fannie Mae lender could probably do that.  Is there a reason why the first couldn't be paid off?  Why does it need to be a second? 

Randy

Second home mortgage or vacation home, not second position. 
Your answer is here:

https://selling-guide.fanniema...

And yes, you are right with your assumption... but did you notice that a double wide does qualify under second home - even though a single wide doesn't?  

Otherwise, I would say you would have to look to a portfolio lender that does not sell their loans to Fannie Mae.  At that point you would just have to ask them if they would be willing to write that type of loan.  Many commercial lenders fall into this category... so the commercial department at your local community banks are usually in this category.  The challenge is that homes not attached to the ground are usually not deemed real estate... so it is more like buying a car... the asset is anticipated to depreciate, instead of appreciate.  You would likely find a lender that would write this loan, but my guess is they would want to secure it with more than the asset itself.   So if you had another free and clear property they could put a lien on they would lend you the money.  A couple of quick phone calls will probably answer your question though.

All the best!

Randy