Loans for older manufactured housing (how to buy a mobile home)

Where does one find financing for a 20 yr old mobile home on leased lot? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

See the number of manufactured homes in your Michigan county – However, sales of new manufactured homes has started to rebound in the past few years. Michigan’s manufactured home sales fell off a cliff after 2000. Now they’re beginning to rebound. The number of.

Note, however, that modular homes and manufactured homes are not the same thing. Manufactured homes are also referred to as mobile homes. pricing and loan limitations are a factor, you’re better.

A mobile or manufactured home not permanently affixed in some way to the land beneath it is considered personal property. Lenders don’t mind extending long-term mortgage loans on land and homes.

Step. Visit a bank in your area to request financing for an older mobile home classified as personal property. local banks provide in-house financing that does not require the approval of an outside underwriter, which benefits borrowers seeking loans for older mobile homes.

With older mobile homes your best option is to ask the seller to finance the property for you using the installment method. You could also look for investors that advertise they buy mobile homes for cash and see if they might buy and then provide the financing.

In most cases, these will call for full repayment within five years and at least quarterly payments. Some exceptions include: Loans to buy a primary residence If the employee is actively serving in.

Chattel loans are often used for mobile and manufactured homes when the home is going into a park or manufactured home community. A chattel loan is a home-only loan, as opposed to a loan for the home and land together.

Manufactured Homes The Loan Process You may use a VA-guaranteed loan to: Buy a manufactured home and/or lot; Buy and improve a lot on which to place a manufactured home you already own and occupy. Refinance a manufactured home loan in order to buy a lot. Refinance an existing VA manufactured home loan to reduce the interest rate. VA requires manufactured homes be on permanent.