The Manufactured Housing Forums

I'm trying to find a lending institution that will finance my 1998 MF home to be moved onto a piece of land I also want included on the same loan. Some mortgage companies have stopped financing MF homes, others only finance new homes, and one wanted the purchased land to be in an area that was 25% developed and they would not even approve the loan until after the land was developed and the home fully installed (who would want that loan). I see that used manufactured are being sold, but where are the buyers getting their financing from? The Financing link on this website has a questionnaire meant to look for finance companies, but it does not include used MF homes.

Is anyone else running into the same problem? I thought about selling my home, but if I can't find a company to finance it, how will someone else?

We actually have a 19972 double wide we purchased in 1991 We got our mortgage at First Mortgage. Unfortunately our dmall loan has an 11 pct. interest rate. Now after an almost total renovation of the home of about $15,000 we cannot find a lender to approve a new loan at a much better rate or even a small 2nd.If anyone out there has suggestions I too would like to hear from you.

You have not mentioned if your home was a single or double...Many lenders will not finance a single with land...but..many lenders will finance a double and the land...

You mentioned a lender that would not approve the loan until the home was placed....This is the way it works...No lender will give a final approval until the home is placed..Most dealer sales are done on this basis...Often we get a conditional approval...that requires the home to be in place and complete for the final approval to be complete...Then our customer arranges (usually with dealer help) a construction (often called a bridge loan) loan that pays for the construction process....Once it is done..the final loan is executed after the lender inspects the home, foundation and all improvements...

The trick here for an individual is to find an originator that is knowlegeable and willing to help you through the process...You mentioned the lenders listed at this web site..Mortgage lending does not care if the home is new or used..as long as it is HUD certified..that means a 1976 or newer home..beside that all homes are treated the same..with the same rules and rates...

I think I would contact lenders listed on this site..they specialize in manufactured homes and know all the issues involved...You will need a mortgage and a construction loan...Good Luck

I offer financing for these homes, however I would need some additional information as well to see if I can assist you.

1. what state are you in
2. Is this a single or double
3. How is your credit history
3.are you buying rented or living free at the new location and what state is that in
4.As far as the loan would go you would have to move the home to the new location and have it complete, no possible way around this if on rented or land not being used as collateral

David Frank
www.mobilefinancing.com

I am in Idaho and I am looking to move my MF home on 5 Acres we do not want a loan for the land just for the move and stuff that is involved with the setup.The home is a 1993 Nashua.... My credit has been bruised due to my exhusband...We are also self employed...The new location is also in Idaho about 30 miles from where our home is now...If you can help at all... please let me know...
Thank you for your time,
Maria Goicoechea

I'm in WA state (Puget Sound area around Tacoma). I currently have a double-wide (1998 Liberty model) on a leased lot. I want to finance the move of the mfr home to a piece of property (5 acres) that I want to finance in the same loan. I have good credit, and I would like to put as little down payment as possible (doesn't everyone).
If loans aren't approved until everything is finished, how do the contractors get paid during the construction process? I mean, the mfr home has to be moved, then set up again. A driveway has to be built, septic, well, and clearing land. Do I have to pay for all of this, then get reimbursed?
I would have thought this type of transaction would be something banks would jump at because the property will easily appreciate to exceed the cost of the home and if the owner defaulted they could sell the land. Maybe the home even appreciates in value too. Mine is very well taken care of, and I tend toward elaborate landscaping because I love gardening.

i live in rochester ny acouple years ago i wanted to buy a 1964 mh on 25 acres move the mh over make it my office and setup a double wide to live in.the property had a new garage and 6 yes 6new 12by 12 sheds me and the wife got pumped until we could'nt get aloan we got all kinds of money for rental property and the people that would lend us the money for the mh said we had to strip the land of all buildings first WHAT?DO WHAT?

Alan, I tried to email you with a possible solution to your query re financing your MH, but it didn't like the address listed. So if you'd contact me I'd be glad to talk about how I might help you. I don't want to go into any more details on this site as I don't want to be accused of spamming or advertising on a talk-forum.