I'm sorry if this isn't really a proper place to post these questions but people here seem to know about financing and I'm getting desperate to try to find a reasonable solution to the situation if there is one. I'm trying to get a mortgage to buy a home that involves an older 1970 mobile home. It's on its own .48 acre lot, not in a trailer park. The home is listed as 12x56 but it's much wider than that because more rooms and roof were added on to it. You can't see the mobile home part at all any more. It's on a cinder block foundation and has a shingle roof in good condition that an assessor said looks to be about 4 years old. It even has a small basement where the furnace is. My credit score is very good, but no place I've talked to will deal with a mobile home older than 1976. Can anyone suggest a place that will, or might? I've looked into a personal loan but the only option I've looked into so far is too high a monthly payment for me to afford because it's only a 7 year loan at 11%+ interest. If I get a personal loan and then make the purchase at that point I own the home and property, isn't that correct? Then wouldn't I be able to use the home and property as collateral for another secured loan, with lower interest and more time to pay? And if so, is there some way to arrange it all from the start instead of having to go through more than one loan? Or can anyone suggest any other options? Thank you for any help! David
Check on some real estate forums. I doubt that you will be successful in finding a lender on a 47 year old mobile home. IF you did find a lender it wouldn't shock me if they charged you credit card rates for a mortgage. Even if you managed to purchase it with a personal loan you wouldn't be able to "refinance" it at a lower rate than the 11%. The only option I see is an owner finance mortgage. Unless the seller can find someone interested in the mobile home that is a cash buyer ANYONE looking at it would run into the same problem you have. Just don't agree to any balloon payments because you will not find any suitable lender. The owner should be willing to carry the note 15 to 30 years.
Have you tried a small local bank? Since its on cinder-blocks they might go for it. Offer 20% down, give them 6% on a 20 year loan. Talk to a VP in the bank.
I wouldn't even think about a 1970 model mobile home though. Even today's new mobile homes only have a useful life of 30 to 50 years and you are looking at one made 40 years ago. The use of aluminum wiring was common in mobile homes prior to 1971 and is dangerous.
There are two basic types of residential loans: those packaged and sold and those held on the banks balance sheet. You might need a bank to do the latter. That will require a relationship with a local/community bank.
Maybe if you dress real nice the local bank might also give you a loan to supply your lab.. what the hell is this? Breaking Bad!
The GSE's will only buy the loan for a "manufactured housing" unit built after 6/15/1976. https://appraisersforum.com/forums/...-large-addition-what-to-do-what-to-do.213251/