Getting loan for mobile home!

[kt1128]

HI guys, here is my situation. I am hoping someone can point me in the right direction. My fiance and I are looking at buying a mobile home from a neighbor. He currently lives out of state, and is willing to come in town to show us the trailer. I wanted to check with the bank to see how much they would loan us for the actual price of the trailer, moving expenses, etc. to see if we could actually afford it before he made a trip to show us the home. He bought the trailer from someone else recently and has not actually ever lived the the trailer.
The bank is telling me that they need the manufacturer and the actual model of the trailer to tell how much they will lend.
The only information that the current owner has is that it is a 1992 Peachstate homes, 14x66 foot trailer. He also has a HUD # and serial # which he has given to me.
I cannot find anything about Peachstate homes onlin. Is there some way I could find out about this trailer?

Thanks!

 

[Mr Rex]

Very few lenders except local banks will loan on singlewide manufactured homes. My advice, keep renting until you can afford a site built home. As a long term investment, manufactured homes suck, like buying a gas guzzling SUV when gas is $4 a gallon. Wait, or look for an older small site built home in your price range. In the long run, you will come out way ahead.

FWIW, I had an e-mail today offering a 1986 14 x 70 singlewide in very good condition(had pictures) for free if I would move it. I'm not sure if its worth it.

 

[Mountain Man]

You will have a very hard time finding anyone who will lend on a single wide MH. If it's on a good bit of land, then you are basically buying land and can get a lot loan... with the idea of bulldozing the trailer in the future. Otherwise it will be like a car loan and with outrageously high interest.

 

[CGgonnabee]

M Leggett...we are on the same page. I was thinking that they could probably finance the land and maybe do owner financing on the single-wide.

 

[Mary Tiernan]

What you have been provided is just about all there is.

The owner got the serial number and HUD # information from the interior Certification label, which has additional data regarding wind load, roof load, and thermal ratings. On that label are the name of the manufacturer, year of construction, a model designation, which sometimes is just more numbers. It is usually located in a kitchen cupboard, bedroom closet, or in the year of construction 1992, in the electrical panel.

There are several lenders who will finance a single wide, but before you make any purchase decisions, it is most important to know what the market value is. This can be provided via an appraisal, and I would definitely recommend one. Typically, an appraisal completed for a potential purchase cannot be utilized in a lending transaction, and the lender may require their own appraisal. You could make any offer to purchase contingent upon the appraised value matching or exceeding the purchase offer.

 

[RSW]

You may want to try Vanderbilt Mortgage which is a Clayton Homes company out of TN. I don't know if they do business in your state. Check out this link and you may want to give them a call.

http://www.vmf.com/

 

[Sherrie]

Peachstate is no longer in business.

As for lenders doing singlewides, www.vmf.com and www.triadfs.com
An excellent option for financing is a credit union. One that does quite a bit of financing is http://www.sacu.com/MenuLoans/MfgHomeLoans.asp.
I believe all three do business in AL.

 

[CANative]

1992 Peach State model by Peachtree, in Alabama, 14 x 66, average condition, house type siding and roofing, standard features, to be moved.


This is not an appraisal. I just took what you described and looked it up on a cost book.

 

[RSW]

Greg, If you did that in Tennessee it would be an appraisal. The word value makes it an appraisal here. We had a few realtors using housevalues.com and they were told those were appraisals.

 

[CANative]

The value from the cost source is not my opinion. It is the cost sources opinion.

That's also why citing Marshall & Swift as the sole cost source for RCN in the cost approach is not a good idea.