Financing question for Mobile Homes with land

Does anyone know what banks want down and how many years and rate, thanks

:cool EVERY bank and loan is differant but the same !!! WHAT is it the bank wants the best thing to do is go to the bank and ask them !!! I know what banks in my area want but i do not know what they want where you live !!

You will need to get a conventional loan for MH financing. No ALT-A lender or subprime lender will touch them. Typically you will need to put at least 5% down as well.

Is it truly a mobile home or a manufactured home? Is it on a permanent foundation? You may have your best success with a local bank. There are not many National Lenders left in the mobile home arena. You could go FHA.

From an investment standpoint, you won’t find anything but hard money—if this is your primary residence, the first place to investigate is FHA (it allows for up to 97% financing, 6% seller concessions, etc., with rates in the high 6s/low 7s)…


Scott Miller

I have a friend who is trying to get conventional financing on a double-wide with land and no lenders will touch it because the home is not sitting on a standard foundation (sits on blocks/jacks with the trailer wheels still under it). He’s currently getting robbed with an 11% Land Contract from the original owner and can’t afford the $8000 it will take to put a foundation under it to satisfy the bank requirements.

If he had a foundation under it the bank told him they could do the loan at 6.875% APR (fixed) for 30-years.

Just thought I’d mention the “foundation” issue in case you’re in a similar situation.

That’s right about where the FHA rates are these days for a DWMH…


Scott Miller