The Manufactured Housing Forums

Hi!
I am looking at a 1974 unit today. i absolutely love the outside. The place has been completely overhauled- new wiring, new ssiding, new roof. I believe it has town water and sewer.

My question is- will it be difficult to get financing, even though it has been completely redone? when i go to the lender, will they take into consideration that it has been overhauled?
Thanks
Terrie

Terri,
You might have some problem with finance because the finance company will want proof of insurance that will be a problem to obtain if the person you are buying from has let the insurance run out most companies do not want to insure that old of mobile home. I own a 1983 and my insurance company just cancelled me as of March 2001 stating that they would perfer not to insure mobile home over 15 years of age. I am getting ready to buy a new one. Hope this helps.

Is this going to be the case (i.e., insurance companies not wanting to insure mh's older than 15 years) for a mobile home bought today? In other words, if I buy a mobile home this year, will I have trouble keeping insurance on the same home in 2016? I'm talking about a house on a permanent foundation on its own land.

Hello Terrie,

It sounds like a good deal. If your credit is good you'll have no problems getting a loan. Loans for used mobile homes will have a higher interest rate but if your getting a good deal on the price, go for it. A bank will send an appraiser out to look at the home. Good luck.

Randy Eaton