Arthur Jordan, Other/Just Looking in Columbia, SC

what is the best method to finance a mobile home and land? (used). Can one obtain a loan in the $35-$50000 range? Want to buy in Tucson, AZ.

Asked by Arthur Jordan, Columbia, SC Fri Apr 29, 2011

Cannot purchase in a 55 park. I am over 55 but wife is not plus have a small child. Interested in mobile home with land in the Tucson, AZ area. Can qualify both VA and FHA but would depend on age of home and other requirements. So what is the best way for me to go? Do not want to hurt credit score by having various lenders involved. Thanks

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John G Bravo’s answer
I have access to a lender who is financing manufactured homes on land. They have a certain criteria on the home that is being purchased and can even do FHA and Veterans using their DD214. I would be happy to discuss this with you if you have any more questions.
John Bravo
HomeSmart Realty
Real Estate since 1979
0 votes Thank Flag Link Fri Apr 29, 2011
Yes this is possible. Private money, some institution will also loan. Call for details. 520-331-0414
0 votes Thank Flag Link Sat Feb 21, 2015
Hi Arthur,

There are several factors to purchasing a manufactured home (MFH). Most lenders do not lend on them anymore and the ones that do have strict guidelines, please see below for some guidelines for an FHA Loan on a MFH:.

*Must have been built after June 15, 1976, as evidenced by an affixed certification label.
*Must be classified as real estate but need not be treated as real estate for purposes of state taxation.
*Home must already be on the subject lot, must be built on and remain on a permanent foundation and wheels and tongue must be removed.
*Finished grade must be at or above the 100 year flood elevation
*Mortgage must cover both the unit and site
*Foundation must be certified by an approved structural engineer. A new certification is required on refinances.
*Unit must be at least 400 square feet

Please feel free to contact me with any questions or concerns.

Lisa Markham
NMLS# 947738 / AZ# 0921717
0 votes Thank Flag Link Tue Mar 25, 2014
You hit the nail on the head - it depends on the age of the home, and whether or not it is affixed to the land. If you can buy one already in place, and it is to be your primary residence, there are lenders who can help. Call a mortgage broker as a good start.
0 votes Thank Flag Link Tue Aug 27, 2013
At this time it may be difficult. Most lenders do not like to finance MHs. Also your price range is too low for most of the lenders. The easiest way would be to buy through a MH dealer - they may be able to find land and arrange financing. If you try to buy land and MH separately, you will have to pay at least 50% price of land.
There are number of MH on acre of land all around Tucson - mostly in Marana and Vail, many in foreclosure. Call up few lenders in Tucson and talk to them. If you are a member of a credit union see if they have any financial "connection" to Tucson. Also, be aware the for $50,000 you are not going to get much. I you send me your email address I will send you information on some available properties.
George in Tucson
0 votes Thank Flag Link Fri Apr 29, 2011
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring.

With that being said, there are lenders that work with buyers to purchase mobile/manufactured homes. I've had several people refer me to Wells Fargo, but I can not endorse in any way no have I used them in this capacity.

Ask around in the Tucson area, you can start with your bank to see where you can start in finding funding for your transaction.
Web Reference:
0 votes Thank Flag Link Fri Apr 29, 2011
In some 55 plus neighborhoods only one spouse needs to be 55+. As to children, that is up to each age restricted communities guidelines. There are certainly a great number of pieces of land that either have a mobile home or are zoned for mobile homes. You can actually go to a number of lenders their opinion and fees according to your needs.
0 votes Thank Flag Link Fri Apr 29, 2011
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