Home Buying in 79606>Question Details

Kenneth Jones, Home Buyer in Texas

We would like to buy a single wide mobile home from another person and finance the loan through FHA.

Asked by Kenneth Jones, Texas Tue Mar 17, 2009

The home sits on 2 acres of land. It was built in 1996/7. We have talked with several mortgage companies and have been told they will not finance it becuase it is a single wide. We live in Texas and the home is in Louisiana. Can we get a loan on this type of property without having to go through a bank? We would like to try for a FHA loan or some type of low interest loan. Do you have any suggestions?

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We are living in a mobile home that sets on 2 acres of land. It was built in 1998. The owners of the mobile home has died and the bank wants to call in the loan. We would like to buy it, but are having a hard time finding financing because its a single wide trailor and our credit isnt the best. Is there any way you can help us. We live in Woodland Pa.
0 votes Thank Flag Link Wed May 29, 2013
I'd go through a small, local bank in the area where the home is located. I also wouldn't be so locked into the type of loan right now. You aren't likely to get low interest rate or low down-payment on a single-wide purchase right now, and be sure to ask for a Good Faith Estimate of the loan fees, so you can see the lending fees you'll be charged in order to make this loan. It might not be attractive. In fact, it might be really ugly with high fees.

If the bank won't loan the money, I'd seek out a mortgage broker who may have access to private investors who can make unique arrangements that bank structured loans can't or won't offer.

Good luck!
Ronda
0 votes Thank Flag Link Thu Mar 19, 2009
Kenneth,
FHA only does double wide manufactured homes and they have to be attached properly to their standards.
You can only get a loan on a single wide when you purchase it from the dealer ship. Few if any local banks will handle them. As Jefferson said Seller financing is the only way to go.
I am sorry that we can not give you a good or easy answer.
Margaret
0 votes Thank Flag Link Wed Mar 18, 2009
You will have to have a minimum down of 20% if you can even get it financed through FHA. I had a double wide over a 9' high ceiling basement over a year ago that sold through FHA, but the buyer had to put down minimum of 20%. This type of property is considered "personal" like your car, it depreciates and loses value, rather than gaining any value, thats why most traditional banks/mortgage companies are not willing to take a risk on financing them.

I agree with Jefferson, you might consider if the owner will sell via land contract.
0 votes Thank Flag Link Wed Mar 18, 2009
Well ... the seller could finance you if he chose to ... and gets it back if you don't make your payments ...
0 votes Thank Flag Link Tue Mar 17, 2009
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