Financing a mobile home with private lot.

[Debbie]

We are from Pennsylvania, and we are having a hard time trying to get a mortgage for a single wide mobile home with an addition on a permanent foundtion on a private lot. It has been days now and we still can't even get a pre-approval letter. I'm so disgusted. I feel like I should be apologizing cause this is the only type of home that I can afford. If I don't get something soon, I'm sure that we will lose this chance to get a home. Can anyone help us?

[Omar]

Debbie--

I know this isnt a direct-solve-all-your-probelms answer, but a few things to keep in mind are that banks will only finance mobile homes that meet HUD requirements. Must be younger than 76 (or maybe its 78), be on a permenant foundation, and meet several other habitability guidelines. If your moving a home Ive never heard of a bank that finances the move unless the home is NEW. This means you have to come out of pocket and re-fi it once its on the land. I also think its important that you own the land underneath the home (at least in NJ it is). Also, stick with small local banks, not larget chains (easier said than done nowadays).

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[Deno Irby]

We have our mobile home and 1/2 acre lot financed with Country Wide Mortgage. We had no problem with them at all.
WWW.COUNTRYWIDE.COM

[Jan]

Try checking with any local credit union. I am in the process of getting a doublewide and several banks would not mortgage them. Some credit unions will- depends on the institution.

[Debbie]

Is your home a double wide, cause most places will do them, but we are trying to finance a single wide.

[Debbie]

We are still having a problem trying to get someone to finance the single wide mobile home. FHA won't do it on account of additions being added, and most other companies won't do it on acount that it's a 1973 home.

[mld455]

you need to known that if it is moved from one address to another FHA will not touch it because they say the integrity has been compromised so vary few bank plus country won't touch them you have to go conventionalthen it is 65%loan to value