Vanderbuilt used home Financing

[marcia07]

We are running into a bit of a road block with our local banks as far as financing a used doublewide manufactured home ( our land ) ...seems they will only finance if the used home is from a dealer.

I noticed Vanderbuilt site says they will finance used from a private owner or realtor. Before I begin the process of filling out contact request forms I was wondering if anyone had any first hand experience with Vanderbuilt ( or any other lender ) as far as buying a used home from either a private owner or mortgage co. who only wants cash ( repo )...we were hoping to be able to finance the used home,slab,well and septic and electric (pole etc. )... all on our land...hoping for land in lieu loan if possible. Our credit rating is listed as ' excellent ' if that makes a difference. Oh, and a low interest rate is of most importance to us. At this point I am really wondering what Vanderbuilt's stipulations are as far as what they will in fact finance when it comes to used homes. If ya got any info or tips please pass them on ! Thanks

[rmurray]

They are the largest lender in the business..Rates will be credit and equity sensitive..The better the credit score and larger equity makes the rate lowest..I am sure they are competitive with any one else...Since you have good credit and what sounds like decent equity, there are many lenders who would like to have your business..Try the finance section on this web site...At least you will not be dealing with shortsighted lenders like your local banks...The lenders here all specialize in manufactured homes...Good Luck..

[marcia07]

Thanks rmurray, by the way, our local bank told us that a doublewide is not a manufactured home .....anyways, we will fill out the ' Home Only loan ' contact paper here...looks promising. Thanks again.

[lyndalee]

I too, have had problems with buying a used manufactured home using "any" bank. however, I found out that the owners mortgage is assumable- try that route.ps- their mortgage is with vanderbilt.

[marcia07]

Hi lyndalee, when you say the owners mortgage is assumable ...can you clarify ? We already have land so we are looking for a ' home only 'with set-up deal.

We've been looking at repos through a certain finance company but not really happy with their prices ...especially since they claim they finance but really they don't seem to...cash only is the reply we've been getting when looking into certain current repo listings ( we even drove to a home that wasn't too far from here and the sale sign says ' financing available ' but yet this wasn't true after phone correspondence). I've been wondering if it was possible for say someone like vanderbuilt to be able to get this home from that co. at a better price and then we'd be paying vanderbuilt.... I did wonder whether or not they were in co-hoots to begin with though ... used MH world is a money making business like any other. Just looking for a fair deal if at all possible in this day and age. Thanks for your reply

[rmurray]

I guess I misunderstood you some..1st Vanderbilt will NOT buy a home at a better price, you will have to negotiate your own deal..2) NO lender will do a home only loan and put in wells, septic, electrical, grading and other properly improvements without a 1st lien on the land...You will have to expect to use your asset of the land to help you get all of the things you need..

[marcia07]

Thanks, yes, my bad, I actually didn't word that correctly...what I meant at the time for 'home only' was that I wasn't looking to buy a home with land because I already had land. I understand that I will have to use my land in the loan process. Thanks for the heads-up on Vanderbuilt not dealing with other fiancing companies. I honestly didn't think anyone would do that but it was just a thought... thanks again

[lilbit]

not sure if this is what you are asking but- i have a 2001 DW when purchase when went through greenpoint-sold out to greentree. we then refinacned for a cheaper interst rate and we are now with vanderbilt. wish we would have sooner!! we live on my parents land so the land is not included in the loan only the mobile home.

[marcia07]

Thanks, what I take from your post tells me Vanderbuilt has better interests rates for manufactured homes. Our situation is different but thanks for the thumbs up w/ Vanderbuilt. I filled out the forms here' manufactured home loan finder ' about 5 days ago ..... no word yet from anyone though I suspect these things take time. I know Vanderbuilt has there own request form but I decided to search the field a bit more in case other alternatives pop up. Right now, for us, it's all about the interest rate.

[lilbit]

DEFINATELY AGREE...INTERST RATE!! a word of caution NO MATTER how good they make it sound STAY AWAY FROM A VARIALBLE INTERST RATE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1