Mobile home interest Tate's & terms?

Asked by Frank Schlesinger, Hideaway, TX Sat Jun 1, 2013

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John Arendsen, Agent, Leucadia, CA
Sat Jun 8, 2013
If the home was built before June 15, 1976 it's pretty difficult albeit not impossible to get a loan. If it's in a resident owned community i.e. condo conversion, sub division, Planned Unit Development (PUD) or on a lot or parcel there are lenders who will finance them with long term, low interest loans.

There are some hoops you may have to jump through, however, i.e. having the home placed on an engineered certified foundation system. Even if the home is declared to be on a foundation not all foundations can be engineered certified and the home will have to be retrofitted or upgraded accordingly.

We provide engineered certification, affidavit of affixture, 433a documentation which may be required in California and foundation installations, repair and retrofitting services Nationwide and work with all major lenders who specialize in resident owned MH's.

Please feel free to check out our very user friendly websites for additional information or contact us at 800 909-1110 CELL: 760 815-6977 or email me at We're a licensed Real Estate Broker, Manufactured Home Dealer & Developer, General & Manufactured Home Contractor and have been in the Manufactured home industry for 3 decades.
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Ingrid Ski R…, Agent, Mission Viejo, CA
Sun Jun 2, 2013
Hi Frank

I work with mobile homes and getting the buyer in contact with the lenders who deal with mobile homes
You would need 25% down if it 1976 or older. So if you are finding one newer than that then the down payment can be less. The lenders look at your credit and will let you know what interest rate you qualify for and Of course the amount and how much down you will need ro have
I have a list of about 10 lenders who can help you in this process. Some are out of state lenders.
I do have a couple of questions for you:
- What city are you looking to move to?
Maybe I should ask are you moving to California from Texas ?
- When did you want to move?
- How many bedrooms ?
- What's the max amount of space rent you want to pay? This is a very important question to ask you so we stay within your limit

Talk to you soon

Ingrid Ski Realtor
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Rochelle Cha…, Agent, Mission Viejo, CA
Sat Jun 1, 2013
You may want to consult your lender. It depends on your down payment, credit ect. Do you have a lender that you are working with?
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Don Tepper, Agent, Burke, VA
Sat Jun 1, 2013
It depends.

It depends in part whether you're buying new (or nearly new). In that case, there are some companies that'll lend against mobile homes (and manufactured homes).

If it's more than perhaps 4 or 5 years old, you'll have to come up with other arrangements. Seller financing is a good possibility. Or try to get a personal loan from your bank.

As for terms, that's all negotiable if you can't get one of the big companies to finance you. True story: About 3-1/2 years ago I bought a manufactured home to rehab and resell, offering owner financing. I bought it with cash from the park management. I found a person who wanted to buy it--a good guy who'd had some bad financial issues. I sold it to him with owner financing: 5 years at 11.5%. He contacted me a few weeks ago and asked for the payoff amount. I calculated it and today--really, a couple of hours ago--we met at a bank and he paid it off. It worked out fine for both of us.

The 11.5% interest rate was a bit higher than what some other people were charging. On the other hand, he couldn't qualify for those homes. The 5 year term was fairly typical--it could have been 7 years or so, but the payments at 5 years worked for him.

So, it's all negotiable. But in today's market I'd expect to see interest rates on used mobile homes of 8%-12% and terms of around 5-10 years. Most buyers care more about their total monthly payments than either the rate or term.

Hope that helps.
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, ,
Sat Jun 1, 2013
I want to make sure we're talk'n Apples and Apples. A Mobile Home is essentially a trailer in a park where you pay space rent and do not own the land beneath the unit. A Manufactured Home generally is a Mobile Home that has been permanently affixed to the land be means of a Type I of Type II Permanent Foundation System. If you are talking about a Mobile Home in a park, rates are usually double what rates are for a SFR. If you are talking about a Manufactured Home, those rates are in the low 4s and have typical loans terms of a SFR of 15 and 30 year fixed rates. If you are interested in a Manufactured Home Loan, please contact me direct. I am licensed in both CA and TX. Hope that helps.

Best of Luck!…
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Homespropert…, Home Buyer, Anaheim, CA
Sat Jun 1, 2013
Hi Frank,
I thought you still lived in California? Interest rates for mobile homes are always higher. And they have to be somewhat new, or you can't get a loan on one. Most mobile homes that were built in the 1960's and 1970's are too old now for lenders to want to lend money on.
What year is the mobile home you want to buy? Interest rates are most likely 8-10%.
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Mahesh Mike…, Agent, Anaheim Hills, CA
Sat Jun 1, 2013
Are you referring to rates and interests...
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