how to get financing on older mobile homes

[mazdaman]

Hello, all. There's a local mobile home listing for sale by owner. It's a 1983 single wide with land. I have looked at it. It has many updates. The owner said that a mortgage company would not go back that far on age. But a local bank would finance it for 5 years with 20% down. Asking price is about $25,000. It's a nice place. He also said payments would be about $400 a month. Is this good or bad?

Thanks,
Eric

[rmurray]

Sounds nice to be able to be house payment free in only 5 years...If you feel like 3 times longer term for less than 30% payment reduction..try the finance section of this web site......

[admin]

It sounds like a very good finance plan and a reasonable payment. There are many finance companies that specialize in manufactured housing mortgages that would be happy to finance a home that age if your credit meets their guidelines.

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