Page 1 of 1

looking for loan for an old mobile home

Posted: Sat Feb 24, 2007 4:05 am
by hjason7812
hello i am trying to get a loan for my mobile home but noone will help as soon as they find out the age of the home it is a 1972 and is appraised for $130,000. i have lived here for 22 years in fl.
and the only problem i am haveing is with the roof it is leaking in a lot of places.
and i want to put a roof over on it.
but i need a loan to do it. does anyone know where i can get a low intrest loan for my 1972 mobile home at?
i would be greatfull thank you

Re: looking for loan for an old mobile home

Posted: Sat Feb 24, 2007 6:20 am
by admin
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.

Re: looking for loan for an old mobile home

Posted: Wed Nov 03, 2010 6:05 pm
by J Griess
If you have any friends with IRA's especially a RothIRA, they can make a loan through an IRA Administrator/custodian (like IRA Services). The interest they earn is tax free. Great book "Leverage Your IRA"