old mobile home loans

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hjason7812
Posts: 3
Joined: Sat Feb 24, 2007 3:54 am

old mobile home loans

Post by hjason7812 » Sat Feb 24, 2007 4:00 am

hello does anyone know where i can get a loan for my mobile home? it was made in 1972 and noone will give me a loan because of that. and it was appraised for $130,000. so it is in great shape. so why won't they give me a loan? i hope someone will know why and where i can get a loan.
thanks

admin
Posts: 327
Joined: Thu May 25, 2006 6:36 pm

Re: old mobile home loans

Post by admin » Sat Feb 24, 2007 6:23 am

Your home was built prior to the Federal manufactured home HUD constructions standards. It is very difficult to find national or even regional lenders that will lend on the pre-HUD homes. As there was not standard for construction they dont now exactly what they are lending against. The "blue book" value of homes the age of your is generally very low. That yours has a high appraisal is most likely due to good maintenance and location. A home older than yours, that was located on a rented lot, sold for over a million dollars last year. It was located on a site that faced the ocean in South Florida. So I have no doubt as to your appraised value. The best source for you is going to be a local bank or savings and loan, where they are familiar with your location and the value that it adds to the home.
David Oxhandler
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hjason7812
Posts: 3
Joined: Sat Feb 24, 2007 3:54 am

Re: old mobile home loans

Post by hjason7812 » Mon Feb 26, 2007 3:48 am

yes it was well taken care of and i heard of that when a developer came in and bought a trailer park for 300 million.
buti have tried to get loans from banks and also mortgage companies.
they approve the loan and when they hear the age they say can't do it it is too old.
and one comapny sent out an appraiser and they appraised it for 130,000.
so they knew what they were dealing with but they also said no because of the age.
i don't know why people are like that.
my dounle wide mobile has been here for 34 years it has a garage a screened in car port and a florida room plus a screened in porch off of the florida room.
plus it is sitting on 3 acres of land.
so why do loan companies treat people like this? they approve a loan then shut you down when they hear of the age.
i know for a fact people get loans for houses that are over 200 years old .
so why do they get a loan when they are way to old?
i can't understand that.
thanks for your reply

keriamon
Posts: 8
Joined: Wed Feb 28, 2007 1:39 pm

Re: old mobile home loans

Post by keriamon » Thu Mar 01, 2007 5:18 pm

My husband had a lot of trouble getting a mortgage in his name after his divorce for his 1986 single-wide on 5 acres of land. He was even approved for one loan, and then they backed out on him because they said they didn't give loans on trailers after all. Others wouldn't accept him because the land was "too rural". Where I grew up, that would be a ridiculous claim, as the whole county is rural and there are lots of mobile homes, but he lives in a county where there is now a large, and very fast-growing city, and apparently no one wants to bother with less than prime real estate.

He finally got one of those federally-backed home loans (at a higher interest rate than a private loan would cost, figure that one out), I think through Sallie Mae (it's been sold to someone else since then). If you're trying to refinance, then the federal loan won't help you any, but it may be all you can get if you're buying it for the first time. I'd actually try calling Habitat for Humanity and see if they can recommend some bank that would be willing to help you. They work with banks all the time to get funding for low-income people, surely they know of a bank who will also do manufactured homes. They may also can direct you to federal programs that will help you get a loan.

The only other thing I can think of doing (and I have no idea if anyone will actually let you do it) is to get the house and the land deeded separately. You would have to pay the value of the house upfront, but your loan would be for the land only. Maybe banks would be more willing to give you a loan on just the land than on the double-wide plus the land. They'd most likely give you the loan on the land if you DIDN'T have a double-wide on it....

And did you try the local, community banks? They may not can offer the rates of big places, like Bank of America, but they are usually much more accepting of rural and non-traditional house properties because they believe in supporting the community (and know you're likely to bank with them if they also give you a mortgage). And do credit unions offer mortgages? They are also less picky than large, national banks. I got my car through a credit union loan and got a good interest rate on it.

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