Unique MFG Home Financing
Posted: Wed Apr 20, 2005 4:44 pm
Looking to put together a Financing Package for 1972 Double-Wide with newer Stick-Built Addition. Do you offer financing...or...can you refer me to anyone who does. Thanks!
Donna, I am not aware of any lender willing to finance a doublewide that is older than 25 years assuming that the d/wide is being taxed as Personal Property and NOT on a permanent foundation.
If the d/wide IS taxed as REAL PROPERTY and is on a permanentl bricked in foundation and off-wheels/axles and is in VERY GOOD condition then there may be a slim chance that a mortgage lender MIGHT be willing to finance a qualifying applicant based on 75% of it's appraised market value.
You really neeed to talk to a local real estate appraiser to inquire how he or should would appraise what appears to be a "hybrid" comprising part manufactured and part stick-built.
The land on which the home is located may have strong $$ value which might enhance the overal picture but the issue of finding comparable properties that have sold in your area within the past 3-6 months might be difficult to come by.
Also talk to a local realtor and a competent mortgage broker.
Most major mortagge lenders are rapidly removing themselves from financing even NEW d/wides and are embracing off-frame modular housing products which are recognized as being the same if not better quality than conventional stick-built.