Mobile home financing (on private property)

[Bill]

My wife and I are looking at a 1994 Dutch doublewide (don't know length & width right offhand). Anyway, it's a bank-owned home. One of the problems I may be facing is that the first thing lenders are asking me is if it's a 4/12 roof pitch, which I don't think it is. Looks more like a 3/12. If this is the case, the mortgage company may nix the deal. What are my options? Are there any lenders who will finance this? And how much would you estimate the home itself is worth? The outside is in good condition, but the inside is "fair". If my wife & I got this home, we guesstimate we would need to put about $10k into it to make it really nice, although it is liveable now. The bank put in new carpet and painted throughout.

One idea I am playing with is to "trade-in" this home on a new one of the same size, since the foundation is in exellent shape. What would a home like this be worh on trade-in?

The property it's on is in a very good real-estate value area, and is on a river about 200 yards from a nice all-sports lake.

Thanks for any feedback ~ Bill

[rmurray]

There are many mortgage lenders who will finance this type of purchase...As a matter of fact I have never heard of a question about roof pitch except from zoning officials..

Try the find a loan section on this web site...or find a Wells Fargo Mortgage Comapny office in your area...

This purchase can be done..

Trading would be financially terrible...The value is in the location and moving off a basement is very expensive...

[Bill]

Thanks for the info on Wells Fargo, Murray. Someone else had mentioned them, so maybe I will give them a shot.

Yeah, I don't know what's up with the roof pitch question, but that was the first question from 2 different mortgage brokers when I told them that it was a manufactured home.

[rmurray]

These are mortgage brokers that have no idea what they are talking about...good brokers have scores of lenders..all with different policies...some do not loan on manufactured homes..there are some that do not loan on stick builts..oh well..

Good Luck

[JM Gray]

I was just reading over the e mails you recieved. Any luck with Wells Fargo?
I am in need of fair/decent financing on a 1994 Golden West. With some new rules from lenders after the study done on the number of people who abandon their MH, I am having trouble finding a lender who will allow 0% down, or even 5% down with gift money be ok'd.

I'd rather not have to put all that money down.
This is so frustrating! I feel lenders forget they are dealing with humans who have dreams and want to own a home!

Thanks