Home Buying in Sonoma>Question Details

stef, Other/Just Looking in Sonoma, CA

I am looking for someone to tell me that it isn't impossible to finance a 1967 mobile home. I have had no luck so far but am still hopeful. Thank you

Asked by stef, Sonoma, CA Thu Jul 5, 2012

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Mobilehomelender’s answer
Most banks and credit unions have completely left the field of mobile home lending. There is one credit union that will finance the older mobile homes, but their ageing guidelines go to 1970. A 1967 mobile home is NO LONGER financeable. Your only option is to negotiate a seller carry. There are only five national lenders for MH's in parks. Of these, one will finance 1970 & newer homes, and the rest will only consider 1976 & newer. The 1976 date is a Federally-mandated building code that went into effect that year and all lenders recognize this date.
2 votes Thank Flag Link Fri Jul 6, 2012
Thank you for all of the great responses. This is a mobile that we were interested in purchasing for our primary residence. It's a 1967 mobile that was remodeled inside and out in 2006 and looks new. We are going to keep looking as to find a mobile that is newer. It hurts to walk away from this one but maybe because of its age, we might be thankful that we did...one day. Thank you again.
1 vote Thank Flag Link Tue Jul 10, 2012
Once again it really depends on the location. There's a MH park in Malibu that recently sold a circa '50's MH for over a million dollars. But it had a sweeping panoramic view of the beautiful blue pacific and was across the street from the beach. Oh and for the privilege of purchasing this old trailer she gets to pay $4000 per month for her space.

I'm being somewhat cynical there but it's true nonetheless. Another major factor you need to weigh into the equation are health related issues. There's a lot of formaldehyde and asbestos in those old MH's. I wouldn't purchase anything older than a mid 80's just to be safe and even at that you'll still find some formaldehyde.
0 votes Thank Flag Link Wed Jul 11, 2012
What Mobilehomelender is referring to are "PRE HUD" mobile homes built before June 15, 1976. These are very difficult to finance. Especially in today's lending climate. Is this a home you already own and want to get a loan on?

Or is it a home you want to purchase? If it's the former then I would recommend you follow Terry's advice and try to secure a chattel loan or borrow from a relative or friend. If it's the latter you won't find any easy way to go.

The best you'll get is a very high interest, short term loan with a very high down payment. Unless the MH is in a very geographically desirable area i.e. a beach, lake, river, mountain resort or on a golf course I'd pass and keep looking.
0 votes Thank Flag Link Tue Jul 10, 2012
There are a few loan brokers around that might be able to find financing, but it is very limited before 1970. You would do best to try and get owner financing, or a personal loan on a car, or a loan through a friend or relative. Right now there are a lot of reasonable mobile homes around, and you should consider that if you can get a newer one, then it will be easier to re-sell if you have to in the future. Drop me an email if you would like the names of some mobile home brokers. Best, Terry
0 votes Thank Flag Link Thu Jul 5, 2012
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