Where can I capture a mortgage for a used mobile home on topography?
We're in a rent-to-own right now and own the option to buy later this year, but it seem difficult to find a place that will finance a used mobile, even though it's on its own 1-acre parcel. Has anyone dealt beside a mortgage company or broker and had a good experience next to this?
Answers:
local bank and similar
***
used mobiles have financing problems -- they frequently can't be effectively sold if foreclosed on -- no realistic marketplace value. [Not to mention that they can disappear overnight.]
with the lands, and with proof that all permit are in place and up to date, you have some break.
be prepared for a large required cash down giving Source(s): ex-banker
I would try to nouns it as a land only business and ignore the fact that here is a mobile on it - it will make it easier to value.
Like abundant here have said, mobile depreciate quickly. If it is livable it may own some value. The problem is once it is not livable it is junk that have to be removed. Another issue is sewer. It it is city or rural no big deal but it it is a septic if probably isn't adequate for any adjectives home and it may have to be removed, that could be expensive.
Newer mobile homes are much better than older ones. If it is an elder one banks will consider it a poor risk.
Your only remedy maybe to fiance through th current owner.
Depending on how old the home is, regardless of condition, I probably wouldn't clear more than a couple grand more than the land is worth. And that would be pushing it.
First of all, I would not trust anyone who offers you their services here.
Call or look in every bank and mortgage company in your nouns until you find one that will do it. Good luck.
Good luck because, unlike standard homes, mobile homes do not appreciate in value, moderately the contrary. They start losing value as soon as they leave the dealer's lot only just like a car. BTW, reasonably they have the same simple status as a car. Do you know they have a VIN?
And newly like with a used sports car, if you find someone to finance this, it will most probably be at a higher rate than a unknown one. If you can afford to buy the mobile home outright, you could then finance the lot. Although you usually entail to put down 20% for land purchases.
I suggest you talk to a RE agent. Get a referral from someone so you receive a good one. Tell him you want him to represent you as a buyer's agent and explain the situation. He'll let you know whether or not the business deal is worth it and feasible. At the same time he can show you other possibilities.
Keep contained by mind that with a mobile home you are basically throwing money out the glass just as surely as if you were paying rent. When that mobile home is inert what you will have left is the lot and for it to be worth anything, you will first enjoy to pay to get rid of the mobile home.
Just two years ago, I sold stop (50 acres) with a 1 year old mobile home on it. We would own gotten much better money without the mobile home. And it would have be sold in a couple of days without an agent instead of roughly speaking 6 months with an agent.
Talk to someone local who knows what's what.
FHA mortgages will finance them. You need to check around because not adjectives mortgage companies have investors to sell them to. FHA single requires 3% down. It has to be on a permit foundation (such as skirted and pinned down). I believe it can't be elder than 1974, but you can check FHA on line to find out for sure. You can't just do the environment. When the appraiser goes out there, they will see it on at hand and note it.
It might be easier to call local realtor office and ask them which mortgage company they refer for mobile home.
PS.. DON'T USE THE MOBILE HOME....USE MANUFACTURED HOME!! Lenders think of mobile homes that can up and move. Also make sure the lender/attorney not simply gets the deed but the title work on it!
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Answers:
local bank and similar
***
used mobiles have financing problems -- they frequently can't be effectively sold if foreclosed on -- no realistic marketplace value. [Not to mention that they can disappear overnight.]
with the lands, and with proof that all permit are in place and up to date, you have some break.
be prepared for a large required cash down giving Source(s): ex-banker
I would try to nouns it as a land only business and ignore the fact that here is a mobile on it - it will make it easier to value.
Like abundant here have said, mobile depreciate quickly. If it is livable it may own some value. The problem is once it is not livable it is junk that have to be removed. Another issue is sewer. It it is city or rural no big deal but it it is a septic if probably isn't adequate for any adjectives home and it may have to be removed, that could be expensive.
Newer mobile homes are much better than older ones. If it is an elder one banks will consider it a poor risk.
Your only remedy maybe to fiance through th current owner.
Depending on how old the home is, regardless of condition, I probably wouldn't clear more than a couple grand more than the land is worth. And that would be pushing it.
First of all, I would not trust anyone who offers you their services here.
Call or look in every bank and mortgage company in your nouns until you find one that will do it. Good luck.
Good luck because, unlike standard homes, mobile homes do not appreciate in value, moderately the contrary. They start losing value as soon as they leave the dealer's lot only just like a car. BTW, reasonably they have the same simple status as a car. Do you know they have a VIN?
And newly like with a used sports car, if you find someone to finance this, it will most probably be at a higher rate than a unknown one. If you can afford to buy the mobile home outright, you could then finance the lot. Although you usually entail to put down 20% for land purchases.
I suggest you talk to a RE agent. Get a referral from someone so you receive a good one. Tell him you want him to represent you as a buyer's agent and explain the situation. He'll let you know whether or not the business deal is worth it and feasible. At the same time he can show you other possibilities.
Keep contained by mind that with a mobile home you are basically throwing money out the glass just as surely as if you were paying rent. When that mobile home is inert what you will have left is the lot and for it to be worth anything, you will first enjoy to pay to get rid of the mobile home.
Just two years ago, I sold stop (50 acres) with a 1 year old mobile home on it. We would own gotten much better money without the mobile home. And it would have be sold in a couple of days without an agent instead of roughly speaking 6 months with an agent.
Talk to someone local who knows what's what.
FHA mortgages will finance them. You need to check around because not adjectives mortgage companies have investors to sell them to. FHA single requires 3% down. It has to be on a permit foundation (such as skirted and pinned down). I believe it can't be elder than 1974, but you can check FHA on line to find out for sure. You can't just do the environment. When the appraiser goes out there, they will see it on at hand and note it.
It might be easier to call local realtor office and ask them which mortgage company they refer for mobile home.
PS.. DON'T USE THE MOBILE HOME....USE MANUFACTURED HOME!! Lenders think of mobile homes that can up and move. Also make sure the lender/attorney not simply gets the deed but the title work on it!
Related Questions: