I own a 15 year old doulle wide on permament foundation , metal roof 2 porches on 1.7 acres, why is it so hard for a buyer to get a loan on this ,?

Asked by Rhea3, 37854 Wed Oct 5, 2011

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JEKYL9, Home Buyer, Morristown, TN
Wed Jan 9, 2013
i've been a mortgage broker for over 12 years and back when i started i probably had 30+ lenders who would deal them. today i'm down to 2 and the rates and homeowners insurance is higher. the problems you run into are appraisers determining remaining life of the MH, the value depreciates, and the land could be more than 35% of the value. with the deals that are out there i can't recommend a client of mine buy one today because if its this hard to get a loan on one today what will it be like in 5 yrs when they want to sell it? i recommend you buy a house and rent the mobile out.

roy cook
0 votes
Amy Connolly, Agent, Oak Ridge, TN
Thu Jun 21, 2012
I have a couple of different lenders that I work with that lend on mobile homes/permanent foundation. One of the lenders requires at least 10% down which is a turn off for most buyers. Good luck selling.
0 votes
Jacki Hill, Agent, Kingston, TN
Thu Oct 27, 2011
Most lenders don't want to lend on mobile homes if they can help it in this current market. They set up rules such as the home must be less than 10 years old, or they want a structural engineer letter for the foundation. Additionally, the appraisals have frequently been coming in lower than the asking price. As a rule, mobile homes depreciate. So in a down market, this makes pricing it more difficult. Mobile home prices have fallen dramatically in the last 24 months and their are alot of them for sale.
Web Reference:  http://www.AskJacki.net
0 votes
Sandra Perez, Home Buyer, Roane County, TN
Tue Oct 25, 2011
Rhea,

I am looking in your area to buy cash deal please send me a link to your property
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Oct 5, 2011
Rhea,
There just aren't many banks willing to do loans on mobile homes. US Bank still did last I checked, so there is one source for you. You might do yourself a favor and have some banks lined up for a potential buyer to consider.
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