Home Buying in 31602>Question Details

Mhomebuyer, Home Buyer in 31602

are their still lenders who will finance a manufactured home?

Asked by Mhomebuyer, 31602 Fri Jul 15, 2011

i found a home on some property that fits my needs perfectly but i was told that its very difficult to get a bank to finance a manufactured home.

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Answers

12
You're right, real estate lenders don't like mobile homes much, mostly because they're classified as personal property, just like your car or truck, and not as real estate. Talk to the Lowndes County Tax Assessor's Office about the requirements for having the mobile home "decertified" as personal property.

The biggest requirement in taking it from personal property to real estate is that the home be put on a permanent foundation, thus tying it to the dirt (real estate) in the eyes of lenders. Once done, though, it'll be eligible for FHA loans, for instance, with down payments as low as three percent. Or lower.

If you pursue this, make sure you talk with the county building inspection department AND a local bank or mortgage broker before making offers on anything. This is the correct answer to the question you asked, but there are more questions you need to know the answer to that you're not experienced enough to know yet.

Call me, if you like.

Mike Hill
229-560-7772

Don't find out about them the hard way, either.
2 votes Thank Flag Link Fri Jul 15, 2011
Hello, My name is Michael Anderson, (Housing/Financial Specialist) for Ranch Park Homes in Macon Georgia on Gray Highway. I recently received your inquiry regarding a new Modular home. I specialize in all areas of the Modular Housing industry and help you find the desired location of your Land/Home package. (Ranch Park helps package hundreds of properties all over Georgia which allows you to choose your desired location)
1. Financing- We offer rates, as low as 3.5% fixed. Ranch Park Homes mainly specialize in helping individuals with credit issues and/or have been turned down by other dealerships. Our approval success is mainly due to our exclusive lending programs that other dealers in Ga, Fl, and Sc are not fortunate to have. Not only do we get more customers approved by outside lending sources then our competitors, in many cases, we offer owner financing as well.
2. Land- We will take the time to help you find land in the area where you want to live, if you have difficulties finding land. Once the desired land is found we will either bid / contract/or even purchase the land giving you bargaining power to lower the price on the land, only to help lower the payments on the overall land/home package.
3. If you already have land in mind and qualified, the quicker you get us the information, we are able negotiate with the seller to get you the best price.
4. If you own your land or if someone is going to deed you land, you can use that as your down payment and we will do all the improvements, such as , well, septic, land clearing, driveways, electric, etc. and is included in one affordable monthly payment with your new home. Or, you get just the home only without your land. Owning your own land will also qualify you for our GUARANTEED APPROVAL PROGRAM.
5. We have a (NO MONEY DOWN) program to those who qualify. Ask about this program because it benefits many people.
6. We have 6 lines of different manufactures (Destiny, Franklin, Clayton, Cavalier, Liveoak, Scotbilt, and Whitepine). Therefore, we will have a home that fits your desires and needs. Our high volume purchasing power allows us to compete with all price points in the housing industry. To see some of our homes you may visit our manufacturer’s website http://www.destinyhomebuilders.com or http://www.franklinhomesusa.com. This will able to see the high quality of our homes.
7. We customize homes that will fit your needs. You can even draft your own floor-plan and choose your own colors, and other options like finished Sheetrock. You can even go to http://www.Sherwinwilliams.com and choose your own paint colors using their visual color cards. This only makes your home purchase that much more fun.
8. We have an awesome "turn the key process", which if followed properly, keeps your payments where you want them, when it's time to close. This program has proven successful in keeping our customers happy from start to finish.
9. We pride ourselves in service after the sale. We want you happy even after you close on your new home, because ultimately, our 30 year reputation was built, and is, determined by our customers' satisfaction.
We look forward to helping you in any of your housing needs.
FOR A FREE CREDIT CONSULTATION: PLEASE REPLY AND REQUEST AN APPLICATION
Best Regards and GOD BLESS
MICHAEL W. ANDERSON
(478)738-9884
Flag Mon Mar 4, 2013
Fewer lenders will lend on "MOBILE HOMES" today since they were built before June 15, 1976. In 1980 the term "MOBILE" was discontinued and the term "MANUFACTURED" or "HUD MANUFACTURED" was replaced and that remains in effect to this day.

Be sure to work with an experience RE and/or MH Professional who knows the difference as they are much more qualified to help you obtain financing. I would strongly recommend that you go with informative, knowledgeable and experienced RE & MH Professionals like mwanderson68 who has provided some very astute comments on this thread.
0 votes Thank Flag Link Fri May 9, 2014
Fewer lenders will lend on "MOBILE HOMES" today since they were built before June 15, 1976. In 1980 the term "MOBILE" was discontinued and the term "MANUFACTURED" or "HUD MANUFACTURED" was replaced and that remains in effect to this day.

Be sure to work with an experience RE and/or MH Professional who knows the difference as they are much more qualified to help you obtain financing. I would strongly recommend that you go with informative, knowledgeable and experienced RE & MH Professionals like mwanderson68 who has provided some very astute comments on this thread.
0 votes Thank Flag Link Fri May 9, 2014
If the manufactured home in on a foundation, will banks loan on that?
0 votes Thank Flag Link Tue Apr 29, 2014
Lenders want to know that their investment is going to be secure. An engineered foundation is almost always required for an FHA loan. When you're ready to get your loan, get your certified foundation plans from http://foundationplans.com You'll have your certified plans in less than 4 days for less than $1000. Check it out.
0 votes Thank Flag Link Mon Nov 25, 2013
Older question, but still relevant in today's market. Yes, there are lenders (like myself) who will finance manufactured homes. There are some basic requirements: Land/home must be titled together (no rented or leased land allowed), must be on a permanent foundation, built after June 15, 1976. Financing can be obtained for purchase or refinance, including cash out. Getting rehab or renovation financing is nearly impossible; however.

Deborah
NMLS #279125
WJ Bradley

"We Listen. We Care. We Deliver."
0 votes Thank Flag Link Thu Sep 19, 2013
Hello, my name is Michael Anderson with Ranch Park Homes in Macon Georgia. I specialize in all areas of the Manufactured and/or Modular Housing industry and assist customers in finding land in the area they desire (up to 10 acres). Modular homes are built with the same and often higher standards then most site built homes. Most contractors serving the 80,000.00 to 150,000.00 bracket went out of business due to the housing fall due to lack of approvals or the plight of construction lending. Our industry stepped up to serve this bracket of consumers to satisfy NEW Construction buyers with better quality and loans with “One time closings” with the freedom of choosing your land away from congestion, but not too far from good schools or Wal-Mart..lol The Government, Appraisers, Lenders, Insurance Companies and the Tax Assessor’s now recognize these homes to be in the same class as any stick built home. Because, they are built in a single location (keeping labor cost down), in a controlled environment (assembly line and out of the weather), and materials are bought in bulk purchases (discounts ), we are able to keep the cost Lower than a home built on site with the same square footage. Would it not cost you more if you had your car built in your driveway instead of a factory assembly line. Every plant, not only, has Government safety standards to abide by like automobiles, but also has government employed inspectors working directly in each plant. Modular homes come with 10 year structure warrantee which gives the home owner piece on mind unlike a 90 day warranty offered by contractors... We not only offer newly constructed homes and various land options, but we have "on location" financing which is flexible to help overcome past credit issues or are just starting out with little or no credit as a first time buyer.
1. Financing- We offer rates, as low as 4.25% fixed. Ranch Park Homes mainly specialize in helping individuals with credit issues and/or have been turned down by other dealerships. Our approval success is mainly due to our exclusive lending programs that other dealers and realtors in GA, FL, and SC are not fortunate to have. Many cases, we have either got a customer approved when they were turned down doing it themselves, or got a customer more money, because the lender didn’t approve them for enough money to get what they wanted. We are the only USDA approved Modular Housing Dealer/Builder in GA, so the customers never have to go to branch offices and deal with a “DMV atmosphere,” and unwillingness to help the individual housing needs. There are conforming programs such as “First Time Buyers”, VA, FHA and USDA. We also have non-conforming chattel loans, for people who only want to finance the home and not get their land involved. We also have a credit rebuilding program for individuals needing their score raised for qualification. We help raise credit scores, on the average of, 40-60 points for 85% of our customers. This usually either helps them reach the minimum requirement for an approval or reach the next best program to lower their monthly payment. Not only do we get more customers approved by outside lending sources then our competitors, in many cases, we offer owner financing as well.
2. Land- We will take the time to help you locate land in the County or area you want to live, if you have difficulties finding land. Once the desired land is found we will either bid / negotiate a contract/or even, in many cases, purchase the land giving you bargaining power to lower the price on the land, only to help lower the payments on the overall land/home package. If you already have land in mind, and qualified, the quicker you get us the information, we are able negotiate with the seller to get you the best price. If you own your land or if someone is going to deed you land, you can use that as your down payment and we will do all the improvements, such as , well, septic, land clearing, driveways, electric, etc. and all is included in one affordable monthly payment with your new home. Or, you get just the home only without your land. Owning your own land will also qualify you for our GUARANTEED APPROVAL PROGRAM. We have a (NO MONEY DOWN) program to those who qualify. Ask about this program because it benefits many people.
3.. We have 7 lines of different manufactures (Destiny, Franklin, Clayton, and Cavalier, Live oak, Scotbilt, White pine and TRU). Therefore, we will have a home that fits your desires and needs. Our high volume purchasing power allows us to compete with all price points in the housing industry. To see some of our homes you may visit our manufacturer’s website
0 votes Thank Flag Link Wed Sep 18, 2013
5. Our process is a streamline process, if followed correctly, will get you the most out of the package, at the same time, keeping your monthly payments under the umbrella of comfort ability. The first step obviously would be the initial application which I can email to you at your request. You may download-print-fax or print-write-scan- email it to my direct email. Sending it to this email starts an awesome process that does not cost you anything (like most companies with application fees) or commit you, but simply lets you know what direction to go and what we need to do to help you. This is the stage where I go over what the absolute maximum payment you are willing to go for the Home, Land, Land improvements (well, septic, footers, foundation, covered porches, garage, out buildings, land clearing, straw and seed yard driveway...etc.),and also escrow,(Taxes and insurance) Once I have that information the land is next. I give you a list of properties in the area you want to be or get the information of the property you find on your own. Remember, land has to be kept within reason and Lenders do not like land Barons and it's harder to find comps for the appraisal that's required in every package, so they have a maximum limit of ten acres. The higher the cost of the land the higher the payment will be, so try to keep to a minimal. Once we have the cost of the land and the estimated costs of the improvements we deduct it from the amount we know is your comfortable payment level and this gives me the amount left over for the home. Finally comes picking the home, which is not only the easiest part of this transaction but also the most exciting. I will give you a list of floor plans with different price points to choose from. Some will be below the desired payment, some will be, the same as, the desired payment and some will be 20, 40, 60 dollars higher. This gives you the choice and opportunity to see how much more you can get, with minimal increases of the payment.. Either way, the choice will be yours and we will do our best to satisfy your needs. I have a "No stone unturned" policy which means everything will be “out in the open” and understood from the very beginning of your purchase transaction to the very end. This prevents any surprises at the closing table, after all Communication is the key to any good relationship and I only want my customers to have the most pleasant experience in home ownership.
I am out of our Macon location so; if you do decide to do business with me there will be 2 main trips to Macon that have to take place. The first trip is after the application and pre-approval, since that process is mainly dealing via phone, fax and email to get the lender all required documents needed to determine your program. This first trip is to go over the home floor plans, pick colors, choose upgrades, and spec order your home. You will be able to walk through on site floor plans and we will itemize all processes or stages and put every an all costs on paper. The final trip will be after the home is completed you will need to go either here or our Milledgeville location to close with the attorney and finalize everything so you can move in. You can come more than that, I just broke it down this way for our customers that live a distance away. I sell these packages all over Georgia and surrounding states. Ranch Park Homes have a awesome "turn the key process", which if followed properly, keeps your payments where you want them, when it's time to close. This program has proven successful in keeping my customers happy from start to finish.
. Ranch Park Homes and I pride ourselves in service after the sale. I want you happy even after you close on your new home, because ultimately, our 30 year reputation was built, and is, determined by our customers' satisfaction.
Michael w Anderson
(mwanderson68@yahoo.com)
0 votes Thank Flag Link Wed Sep 18, 2013
Lenders are willing to finance mobile homes if they are classified as "real property". In order to qualify as "real property", the tongue and axel must be removed and the home must be permanent to whatever property it is on. I have helped several clients obtain financing and purchase mobile homes in the Valdosta area! Please feel free to call or email me! I would love to help you! I would be more than happy to email you some available mobile homes in this area for sale! Have a great day!

Morgan Campbell
229-563-5903
ListingsByMorgan.com
0 votes Thank Flag Link Mon Apr 9, 2012
Mortgages for manufactured homes are definitely harder to find. I think Wells Fargo might still be doing them, but they were the last major lender that I heard was offering them.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream
0 votes Thank Flag Link Fri Jul 15, 2011
good evening....besides your credit and credentials...the property will also be reviewed...assuming you are okay...the only real question is about the house- is it on a foundation (basement or crawl) or are the wheels beneath it?.....if it's on a foundation..you can persue a residential real estate mortgage, assuming the zoning is okay.....lastly...find out what year the home was manufactured...call a lender with all the information you have just accummulated and let them critique your file......if it's on the wheels.then you need a manufactured home lender.....a bit harder to do..
very best regards....
bob mcclure
percentPus
0 votes Thank Flag Link Fri Jul 15, 2011
There are still several banks in the area that will finance a mobile home and land purchase together. You just have to shop around and see who is willing to do it. Good luck!
0 votes Thank Flag Link Fri Jul 15, 2011
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