Why is it hard to finance a older manufactured home?
My husband and I have been looking into buying a home. We are wasting our money renting so we decided to try and take the next step. We live in northern humboldt and home prices are rediculus! We have been looking and so far for the price manufactured homes are the way to go. We found a really cute manufactured home in a great park and when I told the realator thats been helping us she said that she was concerned that we wouldn't beable to finance it because it was a 1968 (older) manufactured home. She was going to call someone about it. Why does that matter? The loan people said that we can afford up to 140,000 (tho we only want up to 100,000) and this place is for 55,000 plus we have good credit. my husband has a 720 and i'm like a 690 because i have little credit established. So whats the year of the manufactured home have to do with it? I just don't understand! Please help.
Oh FYI we can't save much money (bills bills bills) for a down payment we are going for 100% financing- but she didn't say that was the problem.