Home Buying in Palm Bay>Question Details

sandra.berme…, Home Buyer in Palm Bay, FL

I was told that banks will not finance manufactured homes. Is this true??? And if true why not.

Asked by sandra.bermea56, Palm Bay, FL Sun Jun 9, 2013

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This question was asked from this property: http://www.trulia.com/property/3079201534-1680-Sunny-Brook-L…

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5
There are a few specialized lenders who will finance new or nearly new manufactured homes. But it's nearly impossible to get a mortgage on an older one.

That doesn't mean banks won't lend you the money to buy them. It just might not be as a mortgage. I've know plenty of people who've bought manufactured homes using a personal loan.

However, because it's difficult/often impossible to get a mortgage on a manufactured home--and because buyers sometimes have weak credit--seller-financing often is the way sell the properties. I concluded a sale of one just last week. I'd purchased one for cash, then sold it on terms. It was a 5-year arrangement, and after about 3 years he had the cash to pay it off. It worked out great for both of us.

Hope that helps.
0 votes Thank Flag Link Mon Jun 10, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Good Morning Sandra;
1. As long as the manufactured home was constructed after 1976, you may be able to obtain financing. Check with your bank or a local lender.
2. The unit on 1680 Sunny Brook is a condo; and please let me know if you need further information on this or any property.
Phil Rotondo, Realtor
Coldwell Banker Residential Real Estate
Palm Bay, Fl.
mailto:phil@321property.com
0 votes Thank Flag Link Mon Jun 10, 2013
This place looks great!!! I love it. I am working with Kelley Ryan at National...but this appears to be in my price range and my kids who live in the area love it. I have a low credit scores as of a couple weeks ago. Nancy Davis gave me some suggestions to raise it. The only hesitation on this property was I was hoping for a small garage. But definitely not a deal breaker.
Flag Mon Jun 10, 2013
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Anything that can be hooked up to the back of a 6 cylinder medium sized car and pulled away in the middle of the night or can be lifted like a shoebox under a strong gust of wind and lands in the next county....not what banks want to lend on.

But the 800 pound gorilla in the room is the fact that the value goes down. Sure the actual land may appreciate these days, but basically Banks don't want a Lot with a depreciating structure on wheels.


BTW- I've lived in Manufactured homes and Trailers in Perry, FL and Lakeland, FL in my past younger days, so I've been there and done that

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0 votes Thank Flag Link Mon Jun 10, 2013
Today, there are 2 kinds of "manufactured " homes;
There are "mobile homes" which we are all familiar with: They are rolled out to your site and hopefully set up on a permanent foundation. (although they don't have to be permanent)>
Then there are "amufactured homes that are pre-made, shipped in sections, and quickly assembled on your site. (This could also include Log Homes).

But, what has this all got to do with the CONDO you cited?
0 votes Thank Flag Link Sun Jun 9, 2013
I am looking in the Brevard county to retire. I have seen many beautiful manufactured homes that I would love to consider purchasing, however I do not have cash. I am sorry if I noticed your site when looking at this beautiful condo. I am considering buying this condo that is why!!!
Flag Sun Jun 9, 2013
That is true to many banks.
0 votes Thank Flag Link Sun Jun 9, 2013
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