The Manufactured Housing Forums

I need help, we have been looking at buying homes for a few months now and we want something with some land.... most of the homes in our price range with acres are either modular, or mostly mobile....

the problem I am having is financing.... to my understanding the only difference between a modular and a mobile is the title... but every where I have tried to get a loan at for a mobile requires 20% down on a moblie...

there is one we really like the price is good, but I guess my question is, is there any where that does 100% financing on a moblie?

please any help will be appreciated

Buying a home is a complicated process...even 100% finance requires a lot of money..you still have to pay the closing costs from your pocket...That will be from 5 to 6% of the purchase price....There are down payment assistance programs available for new manufactured homes and your dealer will have information about the plan..Even this will require about $1000 out of pocket money...If you are buying through a Realtor ..they should be fully aware of the finance programs available to you...

There are many other differences between these 2 types of homes..including different available mortgage plans..

Ask your dealer or your Real estate pro for more help in your situation...

well that is not a problem I can come up with closing.... but every where I have checked on the mobile financing they want you to come up with 20%.....

I have asked my agent.... they said that there is no special programs where we live that help out.....

and I have done several searches through google....

I'm surprised by that. At least here in Oregon, as long as the manufactured home is post-HUD (1977 or newer)and attached to the land, the same mortgage programs apply to them as to any other site-built home.

Maybe you should be talking to the bank, not the agent?

I have talked to 4 different banks in my area, and also 2 different online companies... and they have all said the same.. that there standard for anyone purchasing a mobile home is 20% down

Try the Manufactured Home Loan Finder Service This free service will show you which participating lenders offer the best programs and rates to meet your needs. Just take a few minutes now to complete the short questionnaire on this page. Then, based on what you tell us, our lenders can find a loan that matches your needs.

Fact is that manufactured homes can be hard to finance, I put a new Champion home on 3 acres, paid for ALL the improvements (foundation,septic,well,30x30 shop,electrical,road), anyway I had around $60K out of pocket into the deal,(basicially my down payment) and have very good credit, it still took me months to find a broker that could do my deal. Good luck

FHA does financing on a MH loan as well as VA. Also you can go conventional. It is harder to do a loan for MH, however, it is not impossible. Contact a mortgage broker who has access to many lenders. What state are you in?

this will be my first venture into the purchase of a manufactured home. I have noticed that homes in the older parks have asking prices similar to homes in the newer parks, the difference being location. how much risk is associated with an older home (70's vintage) assuming it has been well maintained? what indicators should I look for during my search for a home?

thanks for your help, Azcarl