Getting a loan for a mobile home will need to be a short term personal loan. That is because mobile homes depreciate similar to automobiles and rarely increase in value and thus is a greater investment risk to a lender.
Instead, approach a lender about getting a traditional mortgage on only the 19 acres without addressing the mobile home. It would basically be financing an improved vacant land parcel. This should work for you.... more
I feel like this is something that could be written by one of my clients sometimes. There are times when we have sent those last remaining conditions in, and we are waiting for the underwriter to sign off on them. Sometimes this is done in a day, sometimes it takes a week, and we are also sitting there on pins and needles waiting for that final sign off. We have no control. If I am doing a loan for someone who we are banking, meaning that we are the direct lenders on the loan, sometimes if things get delayed I can ask to have the one or 2 conditions signed off on. However, if it is a brokered loan, I can check the banks website every other hour to see the progress, but I can't do anything to move that person's file to the top of the heap.
I know that when you, as a buyer, are in the midst of the process, you feel like you are the only one waiting for your loan to be cleared. Sometimes it gets held up by things like too many underwriters taking off for spring break because their kids are off from school. Sometimes its just because through the normal flow there are more loans at that moment, and they are not planned for. Eventually, someone will get to it. Yesterday, most of the bank underwriting departments closed early for the holiday weekend. Your LO has nothing to gain, they don't get paid until your loan closes.... more