Financing a new/used manfuctured home.

professirOctober 1, 2009

My wife and I are interested in buying a new or slightly used manufactured home in Minnesota. We did this 15 years ago, sold it 4 years later. We simply went through the dealer for the financing, but this time, I have to believe there is an easier way. Any suggestions? Our dealer is requiring 10% down payment and about $1500.00 in up front costs.

Ray

rneuman@new.rr.com

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mhloanguy

Over the last several years many lenders have gotten out of the manufactured home lending business. There are a few lenders out there that still specialize in financing mobile homes. Rates and terms can very greatly based upon the loan program and the lender. The best place I have found is www.CompareMobileHomeLoans.com This site offers a free service that can match you with lenders that offer mobile home loans. The great thing is that they give you the contact info for the lenders, as compared to the other way around like most other sites like lendingtree. That way you are in control.

Here is a link that might be useful: Compare Mobile Home Lenders

    Bookmark   November 17, 2009 at 11:36PM
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Naomi Miller

I get very confused when people interchange the terms manufactured and mobile homes. I live in Va and there is quite a bit of difference and you are laughed out of anywhere when you use the wrong terminology.... mobile refers to a 'trailer' or doublewide, rather on permanent foundation or not.... manufactured refers to a 'real' house constructed in a factory and shipped in large sections or segments to a final location..... I have also heard some called prefab houses which seems to refer to houses that come with all the precut pieces and assemble like a big puzzle......

With all of that in mind, my husband and I bought a slightly used manufactured home on 10 acres about two years ago and we had no issue with financing... our realtor suggested the lender to use and I closed in 30 days....refinancing for additions and upgrades has been difficult due to the fact that I live in a rural area where comparables are almost nonexistent... any sales that could be comparable in sq footage and land mass are stick built and lenders do not consider them as equal comparables.... any manufactured houses that have sold and there are not many, are either much smaller with much less land etc or they do not exist at all..... the whole stigma drives me insane.... my house IS stick built, lol... it is made of wood and stone and on a permanent foundation !! And let's be honest here.... do we believe that those so 'much better' stick homes could take a 65 mph ride down the highway and still stand? lol.....

Finding your own lender would be much better for you since the seller/agents on these houses usually finance through places that charge much more in 'closings' and lend at a higher rate than conventional lenders.....and there are still conventional lenders who finance them, ironically, I have the same lender for my manufactured home that I had for my brick ranch..... did not set out to do that, but that is the lender my agent referred me to.....

    Bookmark   November 21, 2009 at 4:11AM
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