Home Buying in Rockwall>Question Details

Tammy.flanag…, Renter in Wylie, TX

I am wanting to do a conventional loan at 20% down on a manufactured home for $44,000. Can't find anyone who will finance less than $40,000!!!

Asked by Tammy.flanagain, Wylie, TX Thu Nov 14, 2013

HELP!!!

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Answers

6
You may need to seek private lending, Contact a lender and they should be able to help you,

linda
0 votes Thank Flag Link Sun Dec 1, 2013
Ask your bank for a signature loan with a CD backing the note.
0 votes Thank Flag Link Sat Nov 30, 2013
Conventional lenders don't finance manufactured homes.

Also, conventional lenders don't go below about $50,000.

There are a few specialized lenders who'll lend on manufactured homes, especially if it's a newer one. But, as noted, the interest rates will be higher. If the home is in a park, as the park management for recommendations on lenders. They'll know.

Ask the seller if he/she is willing to owner-finance.

Alternatively, there is private money out there, but that's expensive too. Probably in the range of 12%-14% per annum.

Hope that helps.
0 votes Thank Flag Link Sat Nov 30, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Manufactured homes are an odd animal. Financing on them is restricted as well. $40,000 is a very common lower limit for loan amount. The costs of putting together a small loan are so large that soon you won't be able to find many lenders to help you (after QM kicks in January 1).

Your best bet is a local bank, not trying to go the big national bank route.

Unless you can get a signature loan (not on the house), your choices are limited.
Web Reference: http://www.Mortgages-TX.com
0 votes Thank Flag Link Fri Nov 29, 2013
I have a list of lenders that specialize in manufactured homes. Give me a call or email and I will gladly email you the list.

Thanks,
Curtis Klutts
0 votes Thank Flag Link Wed Nov 20, 2013
I am in touch with a private lender, Interest rates are higher,

If you are interested let me know.

Linda
0 votes Thank Flag Link Thu Nov 14, 2013
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