Mobile Home Financing (roof, installation, building, slab)
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Sounds like a dumb question,a party willing to buy our mobile home has been told that they will not finance a home that has been moved and reset up,even though it is set up to code.
Would this be just a bank policy?Sounds ridiculous,party is well qualified.
He got to this point and bank backed out.
I was asked if I ever heard of this,so I am asking here.We are in North FL
Insurance companies usually won't insure a mobile home that has been moved before (the original installation doesn't count). Banks won't finance it because you can't get insurance on it. But a mobile home that has been moved before has usually lost so much of its value that banks don't want to give you a mortgage for such a small amount anyway, and paying cash makes more sense.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I agree, and also, after a certain age (30 years last time I heard of it happening) they will not lend on it even in the original location. They consider the value of the home to be 0 regardless of the condition. In both cases it almost always requires a cash buyer.
Yep. Banks are risk averse. The mantra has been that people who live in trailers are poor rednecks. Sometimes that is true, sometimes not. You might do owner financing.
After checking,this is a rule by the FHA,they follow HUD rules,full slab and several other requirements,cannot be older than 20 years.The buyer did not know this and was not told about FHA rule.
As for us 1997 Fleetwood 28 X 63 on over 1 fenced acre in nice area with metal roof in excellent condition with several out buildings,$65,000.I heard banks will loan.We are fully insured at a reasonable rate.
We could have done owner finance a 100 times but would be to far away in other home.
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