Question


dman0738

I am hoping to purchase a manufactured house in a park soon. This will be my first home and I am looking?

around for a place that will deal in manufactured home loans. Anyone know of good companies for this? I know I should probably not be filling out loan applications to a bunch of companies or at least I have been told that. My credit is not up to par due to a divorce and making that just about go down the ol' crapper. Any chance I can still get a loan? I tried 21st century mortgage and that didn't pan out. Any information you can give me would be a big help. Thank you in advance.

4 weeks ago - 4 answers

Best Answer

Chosen by Asker

Green Tree is the only one I know of. Ask your RE agent. Any agent selling trailers will know who to go for to get loans for them in the area. The best one will likely be a local bank, as national banks do not usually deal with non-conventional property.

by Janet P

4 weeks ago

Asker's Rating: 

Other Answers

If your credit is under 620 then you are out of luck.

by ~*Mama-of-Two*~- 4 weeks ago

If you're buying a new manufactured home, the dealer might be able to help you. If it's an existing unit, maybe the seller will finance it. It's pretty hard to get a loan for a mobile home (we don't call them manufactured homes unless you own the land too...it's personal property and you can't get a mortgage on personal property). I don't know if Greentree is still around, but they used to do moho loans. We haven't done "moho w/o land" loans in over 10 years, and only do mortgages on manufactured homes if they're reverse mortgages. Maybe other FHA loans, but not conventional. The management of the park might have a suggestion.

by daeve930- 4 weeks ago

I can tell you need to have at least a credit score of 680 or you will be turned down. You also need to have at least 10% down. My manufactured home has been on the market for two years and today we just fired our 6th realtor. I've had all sorts of credit issues trying to buy my house. Everyone from just divorced to a guy that just co- signed a loan. They were all turned down. I would try to get prequalified before you start looking. We will be selling ours for sale by owner and that's what we will be asking for, a prequalified buyer or proof of funds if paying cash, so we have no time wasters. But you can try www.forwardnational.com - I got one of their applications from one of my realtors. It's a source for manufactured home financing. Hope it helps.

by Dorothy- 4 weeks ago