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 the community by answering this question:


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

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
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.

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.

0 votes Thank Flag Link Thu Nov 14, 2013
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