Buying Manufactured home

[Jennifer]

I need Help! We have been renting a manufactured home for a year,the thing is we would like to buy it and the owners would like to have it taken out of their name.The thing is we can not get a loan or have it re fianced .Everyone tells us it has to have block underpinning, we can not afford to do it right at the moment.It is a nice home 1999 and land.Can any one offer help? The pay off is $79 and the owners just wnat it out of their name .Any help would be welcomed!!

[Jennifer/Carteret Mortgage]

Why can't you get a loan? Is it due to the fact that it is not deeded real estate? If so, you may be able to have a contractor complete the work and get paid at close of escrow. Please email me directly if you need further assistance.

[Jennifer]

Evryone has told us that it HAS to have bolck underpinning in order to get a loan.We are new to this but that is what seversl companies have told us.The owners are not willinh to pay fro it and we do not have the extra money at this time ,so is there anything we can do ?

[rmurray]

Shop more lenders...find an originator who does a lot of manufactured homes...call a local dealer and ask for a referral...Blocks are not required as part of a "permanent" foundation..unless the lender is going to use FHA finance...Then there are many other requirements that this home probably does not need..

[Donna B]

What is block underpinning? What does the home have as a foundation since it does not have block underpinning.

[Roy Bonney]

Underpinning and skirting are synonymous. This is the perimeter skirting surrounding the home, as opposed to the foundation system which supports the home.

[AL BREWER]

I am trying to either trying to upgrade and trtadr in my ddb that was purchased 1997....11% to a larger home. With drop in interest rates and some trade-in vlue tjis may be possible if in new a liitle more about whow the dealeership worked there books on these trans actions

Thanks