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i have been looking at some condo's and yes i have to admit someof there rules and regulations are rediculous!! would a bank be more willing to loan on a mobile home over a condo?? i know theres lots of factors in this situation i have a perfect credit and as well as how respectible the park is and or the assotiation is for the condo and so on and so on
No bank will lend on a mobile home, but they will lend on manufactured homes. (Mobile home is a specific term used to identify a manufactured home made prior to 1974 or about that time) The current term is "manufactured homes" and thats what you need to get use to saying if talikng a manfactured home and not a mobile home. You can accidentaly knock your self out of any loan talks if you use Mobile home and they are thinking the pre HUD mobile home when your talking a current HUD code manufactured home. Manufactured Homes (HUD Code) is also not a modular home. It may sound dopey but those terms means completely diffrent things in the housing and lending industry.
Actually, I believe you're both incorrect. There are some local banks in some parts of the country that will make loans on property with "trailers" and then there are some banks that will insist the trailer/mobile home be REMOVED - even if there is a permanent structure home. It doesn't always matter when the "trailer" was manufactured, many banks still consider them mobile homes even while calling them a manufactured home. In fact, we ran into issues with some modular homes being acceptable. We just bought our house 1.5 years ago so I have recent experience with this.
Quote:
Originally Posted by littleelvis
A bank will be willing to loan you whatever money you need for whatever you want as long as you have the proper credit score, collateral.....
The bank is in the business of making money. If you can get a loan for a mobile home or a condo the bank doesn't really care what you buy.
There's a huge difference.
Quote:
Originally Posted by PacificFlights
No bank will lend on a mobile home, but they will lend on manufactured homes. (Mobile home is a specific term used to identify a manufactured home made prior to 1974 or about that time) The current term is "manufactured homes" and thats what you need to get use to saying if talikng a manfactured home and not a mobile home. You can accidentaly knock your self out of any loan talks if you use Mobile home and they are thinking the pre HUD mobile home when your talking a current HUD code manufactured home. Manufactured Homes (HUD Code) is also not a modular home. It may sound dopey but those terms means completely diffrent things in the housing and lending industry.
Banks have a hard time agreeing to modular or mobile homes. They view that a place with out a foundation is not permanent. If they will finance they require a large insurance policy and sometimes a zero deductible. However there are some lenders out there that will help you. I recommend that you get in a credit union not a bank to start, and use their recommendations.
Additionally you will have better luck finding property and bundling the home into the property loan, then if you ever want to make upgrades to the structure the loan is much easier to refinance.
Also look for other incentives on property, such as sewer/water and electric already available on the site. That's very costly but won't effect the loan as much either way.
Stay away from in house financing. It is usually higher rate and has more attachments then a Credit Union.
Personally I would recommend finding a small house someplace that you can get FHA support on. Your return if you chose to sell will be higher and the insurance rate will be much lower
Go to a seminar for first time buyers, Most Credit Unions offer them. You will learn allot and may find that you have options that you don't know now.
I would also recommend you read some of Dave Ramsey's books and web pages. He has done incredible things with housing and debt management.
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