Pre HUD mobiles (home loan, requirements, finance, loan)

[old_cold]

I'm not sure that was the proper title but what I am wondering is what it takes to convert a pre-76 mobile home into a mortgagable(sp) property.

Complete rebuild? No hope?
Location was great, etc ,etc, but the home was plus 30 years and 2 other buyers have not been able to get finanacing.

[nilssson]

Mobile homes are not real property and are considered like a used car. It's not easy to finance a 30 year old used car, either. Mobile home loans are subprime and those type of loans are gone with the mortgage meltdown.
You will probably have to do an owner finance option or find a cash buyer. Or perhaps a local mobile home reseller might have private investors who will loan, depending on the location.

[Laura707]

A 30 years old mobile home should be cheap enough to pay cash for! It can't be worth enough to interest any lender. What are they asking for it that there is a need to finance a loan to get it? I suspect they are asking way to much for it. You would also probably have a lot of trouble getting insurance on it which would be required by any lender.

[TimtheGuy]

Originally Posted by Laura707

A 30 years old mobile home should be cheap enough to pay cash for! It can't be worth enough to interest any lender. What are they asking for it that there is a need to finance a loan to get it? I suspect they are asking way to much for it. You would also probably have a lot of trouble getting insurance on it which would be required by any lender.

I assume this mobile home is on land not a rented lot. I have financed mobile homes for as much as $180k, so that can be a little tough to pay cash for.

The secondary mortgage market still accepts manufactured housing for financing (not subprime as mentioned above)(and just barely as they increase the requirements constantly). You can get conventional, FHA or VA. However, pre 1978 or 1976 (one of those 2 yrs. can't quite remember) is basically going to be impossible on the secondary market.

If there is considable value in the land and you are putting down a substantial down payment (at least 20%) you could probably get a local bank to look at the deal.

[old_cold]

Thanks.....we decided against that one since the seller, even after +900 days on the market, won't budge on his price (yes, it has land with it) and, more importantly,
if, even after "any" amount put into it still leaves it being a pre-hud trailer then we'd also be stuck to a cash buyer if we wanted/needed to sell it.

[NJ987654]

CASH. Or, maybe a land only loan is the land is worth the price and the home has no real value.