1974 completely overhauled- financing?

[terrie]

Hi!
I am looking at a 1974 unit today. i absolutely love the outside. The place has been completely overhauled- new wiring, new ssiding, new roof. I believe it has town water and sewer.

My question is- will it be difficult to get financing, even though it has been completely redone? when i go to the lender, will they take into consideration that it has been overhauled?
Thanks
Terrie

[Melissa]

Terri,
You might have some problem with finance because the finance company will want proof of insurance that will be a problem to obtain if the person you are buying from has let the insurance run out most companies do not want to insure that old of mobile home. I own a 1983 and my insurance company just cancelled me as of March 2001 stating that they would perfer not to insure mobile home over 15 years of age. I am getting ready to buy a new one. Hope this helps.

[KMV]

Is this going to be the case (i.e., insurance companies not wanting to insure mh's older than 15 years) for a mobile home bought today? In other words, if I buy a mobile home this year, will I have trouble keeping insurance on the same home in 2016? I'm talking about a house on a permanent foundation on its own land.

[Randy Eaton]

Hello Terrie,

It sounds like a good deal. If your credit is good you'll have no problems getting a loan. Loans for used mobile homes will have a higher interest rate but if your getting a good deal on the price, go for it. A bank will send an appraiser out to look at the home. Good luck.

Randy Eaton