How hard is it to get financed for an older mobilehome?

Asked by Cindy Gelinas, 01331 Sun Jun 29, 2008

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5
Michelle Car…, Agent, Coppertino, AL
Sun Jun 29, 2008
It is more expensive than regular housing; higher loan rates & almost always a couple of points in fees (each point = 1% of the loan value). The last one I sold was a few years ago, and it was ~ 8.5% loan rate and 3-5 points.
Your best bet is to check with agents specializing in mobile home sales, or escrow companies that process these sales. Also, be aware than some mobile homes can be registered with the DMV as vehicles, with different tax rates, while others are considered real property. It also depends on whether you own/lease the land, too.
1 vote
John Arendsen, Agent, Leucadia, CA
Tue Nov 25, 2014
It's extremely difficult to get adequate and fair financing on a pre HUD (June 15, 1976 or earlier)
0 votes
Jennifer, Both Buyer And Seller, San Diego, CA
Wed Jul 2, 2008
Whatever you do avoid Greentree. They do Mobile loans but they are very bad, I am selling my manufactured home and getting away from them. If I were to buy another mobile/manufactured I would not go with them. There are web sites full of horror stories of them, compared to some of those stories I got away lucky.
0 votes
Other/Just L…, , Fleming Fitch Grant, Holly Hill, FL
Mon Jun 30, 2008
The age cut off for mobile homes is June 1, 1976. Anything older than that (by manufactured date) is inelgible for Fannie Mae, Freddie Mac, and Government loans (VA/FHA)

The choices for mobile homes older than June 1 1976 are finance companies.
0 votes
Dot Chance, Agent, Burbank, CA
Sun Jun 29, 2008
There are companies that specialize in mobile home financing. I understand that they will only finance homes that are up to a certain age and I cannot recall what that is.

You may want to google mobile home financing and find the companies that do the financing.
Web Reference:  http://www.DotChance.com
0 votes
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