Mobile homes are generally in a Mobile Home Park. If they’re not in a park it’s very difficult to get comparable sales information, so the home might not appraise, for the mortgages purposes. Research your potential home and location.
Senior mobile home parks abound. The nice ones have a golf course, clubhouse, organized activities, and small maintenance areas for garden or grass. The space rent is a consideration of course.
In desirable locations, near the beach for instance, the space rent can be high. In more conservative areas though, it’s common to find a $500 a month space rent, which includes all the utilities. If you own your home it’s hard to do better than that.
It’s unusual to find this program, but we do have lending sources for homes built in 1970 or newer. We also have programs for mobile home purchasers, with less than perfect credit.
There are cash out refinancing programs as well.
It is possible to move your mobile home from one location to another. As you can see from our article is a little precarious, but it can be done.
We do not finance Park Model Homes at this time.
As the details are known, regarding the borrower and the home, the available loan programs are chosen and the loan originator will do some research.
The best interest rate and other loans terms, are going to go to the borrower with the best credit history. How he pays his bills is a good indication of how he will pay his new mortgage.
Some negative credit is explainable, like medical collections, or bad credit lines reported because the borrower co-signed for a credit line for another party. You can often obtain a free credit report, online, and research your credit yourself.
In some cases, a letter of explanation is required, along with a history of of who was actually making the payments, or should have made them on time.
If you recently had another mortgage payment, like a home you are selling, so you can purchase the new one, then that mortgage payment history will be reviewed.
The borrower’s age also matters. Unlike the loans for traditionally built homes, which offer 30 year mortgages, in most cases.
Once a borrower’s age is over 65, the loan term may be shortened. Loans for 10 years to 20 years are common in this case.
Mortgage payments that were late, in the past 12 months are a negative, but can be permitted with the proper reasons being submitted to the underwriter.
The house itself, has to qualify for the loan. Age does not matter for “stick built” homes. It does matter for Manufactured Homes though.
Please review the other pages/links, regarding the law changes of 1976. The older the home, the less favorable the loan terms are.
For Manufactured Homes, it is often the case that the original “move on” permits will be requested by the underwriter.
If you are offering to purchase a home now, it would be advisable to request the building permit from the seller.
If he doesn’t have it, ask your Agent to search the public records to see if it is available that way.
Check to see if the delivery of the home came directly from the dealer, to the location it is now. One-Time Installations are required by many loan programs.
Please contact me for questions about your specific property.