The Manufactured Housing Forums

Am I stupid for wanting to buy a mobile home, I am having trouble getting one financed, and from what I have researched they are practically impossible to resale. Honestly should I wait to buy a home. It is just that the mobile homes we have looked at are so nice compared to the homes in the same price range. HELP

Pam, One thing will determine if it is worth it and that is do you have you own land. If you are going to put a MH in a park than financing is difficult and expensive and resale is terrible same as it would be with a site built home that has to be moved. If you have your own property than financing is comparable to site built homes, maybe a 1/2 point higher, and statistics show resale value is on par with site built.

As the other post here says...All depends your plans...Short term living in a park is very expensive...Placing a double section on private land can be a decent investment...

Mortgage finance of a manufactured home and land is the same as mortgage finance for stick built....Home only finance is very restrictive right now....

You are correct...manufactured homes can offer you much more for your money than stick homes....most often most of my customers who buy large new manufactured homes...could only buy 20+ year old smaller stick homes...homes that will need lots of tender care and repairs....

If you have major credit problems...you should consider waiting for you credit to improve..to purchase any kind of home...If you continue to pay all of your bills on time...time will make your score rise..Always the best housing deals are those with 640 scores and above..Also..save a little for down..Expect to pay at least 5% of the total package..mayby more...Decent credit and a little money in the bank puts you in the driver seat around housing professionals...Good Luck

i too am having trouble getting financed for a man home. i purchased the land, and want a land/home package. i know i read some where, that some financial orgs are tightening up on these types of loans, but are there financial orgs out there that you know of that still does the man loans(or buys them) (not sure if that was the right way to ask) (ex: fannie mae, freddie mac)

Lou
I tried the bank that holds my primary home mortgage and they would not do construction loans on a MH but after it is permanently set they would do the mortgage so I would have to get a seperate construction loan than another permanant mortgage. Wells Fargo has a MH division that will do the whole package at 95% with a 1/2 point up charge, or 5% down and 1/2% higher than conventional construction. Also Palm Harbor will do their own financing at about 1% above conventional.

There are many lenders out there that will finance a mortgage...For those with old credit issues and lower scores..the FHA is the lender of choice right now..these loans are closing at about 6% interest rates right now....

Go to the lender section of this web site...There are many national mortgage lenders here who specialize in manufactured homes...You can get a home..

Candidly...if your dealer is not much help..shop around...all dealers should be very aware of every lender in your area..

I just spent 3 months fighting to get a mortgage on my MH. I have a good credit score. The bank took the middle score which was a 714 and I JUST closed on my poan and am paying 7.125%. the bank also wouldn't accept the appraisal even after producing 5 comps. They lowered the appraisal by almost $19000.00. I put $10000.00 down and the bank would only do a 90% LTV. I jumped through every hoop the bank asked me to jump through and it still took over 3 months to get the loan closed, all this after being pre aprroved by my broker. I feel like I was taken for a ride and didn't get what I was told when this whole process started.