Companies Financing Trailer Home on foundation with land?

Question

Hello,

Do you know of any companies lending money for mobile homes?

Thank you for your help,

Krissie Cole · Answer

@Caroline Gerardo @Gary Tucker appreciate the information.  Now I have a direction to head in.

Caroline Gerardo · Answer

Doublewide Built after 1976 on piers, blocks, augers, concrete and 433 A filed; it is a conventional loan.

Can you file the papers and get it considered conventional? Maybe. I need to see photos and location and utilities.

Older on land on unknown foundation... give me photographs of the tags in the water heater or closet and I can tell you what pricing is available.

Many loan programs available for all three. Need the exact details of subject property

@Lisa Lirones not sure who Mike is; but there are loans for mobile homes in a park not on foundation that are prior to 1976. The rates are high but can be financed with 25% down.

Michael Plante · Answer

Just about any bank or mortgage company will finance what you described

Gary Tucker · Answer

@Krissie Cole

There are a few lenders out there who finance manufactured homes for investors. A manufactured usually has a good rent to value so DSCR programs work well.

Rachel H. · Answer

@Krissie Cole You may want to check with a few local mobile home dealerships. Since they're in the business of selling new homes, they do tend to work with the financing companies on these types of homes. They may be able to refer you to a few lending sources.

Other than that, you can also check local banks and credit unions. Those I've known who have been able to get lending on these types of homes with lower interest rates usually have established relationships with their banks.

The last route would be to bring in partners or private lenders, if you can't find other ways to borrow. Hope that helps!

Lisa Lirones · Answer

Thanks Caroline for the helpful info. (Mike is a member on BP who recently commented on a similar post.)

Lisa Lirones · Answer

Mike Hern recently said: " If a mobile isn't attached to the lot it is considered to be a vehicle and is treated like a car. If a mobile is attached to the ground and is older than 1978 lenders won't touch it"If it is a manufactured attached to the ground, there should be a single title for the land and the manufactured home combined. This is called "elimination of title". If the property fits into this category, contact a mortgage broker, not a bank. Mortgage brokers have access to lenders who may do the kind of financing you are needing."

Companies Financing Trailer Home on foundation with land?

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