financing older mobile

[Audre']

I am trying to sell a 1971 mobile on its own land with a garage. Does anyone know of lender who finances mobiles that old?? Help! Auwie

[rmurray]

Tough project...I would suggest you talk to your smaller local banks....They will know the market and might be interested..

[derreka gill]

We financed a 1984 Champion in 2002 with Wells Fargo Home Mortgage. The interest rate was 6.75%. The home had to be listed as "real property" and not "personal property" like an automobile. Changing that was done by the seller.

[Cassie]

Anything pre-76 is going to be hard to finance. Conventional lenders won't even touch it.

If you own it free & clear, you could always provide your own lending to perspective buyers. Decide how much you want up-front from them and have them make payments to you on the balance. Talk to a title company or lawyer for details. They can help you write up a contract (it's fairly easy). I know it's probably not a favorite option, but it is an option.

You might also try contacting a real estate agent who specializes in manufactured home sales. We bought a 1972 singlewide on land 3 years ago. Our realtor aided us in locating financing. We had to come up with 20%, the sellers had to give us a 20% carryback loan, and the lender financed the balance. If we were to sell our place, we'd go in with the assumption that we'd have to carry the buyers for some portion of the sales price. That's pretty standard in our area (quite a few pre-76's around here).

Good Luck!