Home Buying in Harrah>Question Details

James, Home Buyer in Harrah, OK

I found a nice 5 acre tract with a 30 year old mobile home on it. How would you recommend financing it?

Asked by James, Harrah, OK Sat Oct 11, 2008

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3
James,
Do you happen to be in the military? Where either of your parents? If so you may be able to qualify for a VA loan which are pretty friendly on mobil and manufactured loans. Do you know if the mobile has been moved more than once? If it has been then it will be almost impossible to get a loan on. For more questions that you'll need to know to find out if you can finance it I would recommend calling Debbie Binion, she's with Century 21 Mortgage, 405-613-7359. Another good lender to call would be the Bomar team at 405-445-5445.
Web Reference: http://www.OKLocations
1 vote Thank Flag Link Mon Oct 13, 2008
If the 'mobile home' is a HUD Manufactured Home then yes FHA will finance it, however, if it is truly a mobile home then you'll probably have to get a loan for the land only. Which could require 20% down. I would suggest call your local banker and see what they say. Typically mobile homes are financed separtly from the land and not financed through traditional mortgages. The bank will want the land as collatoral not the mobile home. If you are unable to go through a bank to secure the financing for the land then owner financing or cash will be your other options.
Best of luck,
Susan Walker
1 vote Thank Flag Link Mon Oct 13, 2008
FHA or owner finacing are your best options
1 vote Thank Flag Link Sat Oct 11, 2008
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