How to find mobile home financing?

General Real Estate Investing
1

How does one find financing for a mobile home with 1 acre? Even google doesn’t help.

2

Hi,

Wells Fargo used to finance Mobile Home properties.

Call any Mobile Home sales company in your state and ask them who finances their sales.

        GR
3

I have heard that some of the credit unions might do them.
randyscott

4

Hi Prservices and all,

You are correct that mobile home financing is difficult to obtain compared to traditional SFRs. Not only does the seller need to qualify (as usual) with money down, healthy credit, and good income, there is also strict criteria for the mobile home as well. Criteria such as where the home sits (in a park or on private land), size of the home, age of the home, foundation of the home, local zoning, etc.

A few nationwide lenders are 21st Mortgage and Greentree. These folks are helpful and can educate you about their specific programs. Like RandyScott and Gold River stated I have seen credit unions offer mobile home loans or even signature loans to cover the cost of the mobile home purchase. Additionally if you can offer other debt as collateral this can help persuade a lender to underwrite a MH loan.

Hope this helps. We would love to hear just what you discover and learn from the extra research you find.

Best,
John Fedro

5

Some mobile home sales offices know what lender to use, perhaps try one of them.

6

There are a few ways I’ve successfully done this:

  1. Private Investor Funding first mortgages (typically in their IRA’s or Pensions). You can sell home and land packages with financing terms and simultaneously have a closing of the private investor purchasing the mortgage note…I’ve done many over the years…just be cautious to read the Dodd Frank Act and consult with the closing agent to be sure all paperwork is in order;

  2. Private financing to buyers, then after they make some payments sell the balance of the mortgage to note buyers (institutional or private investors);

  3. If you put an FHA Approved foundation, it is likely that FHA will provide 97% funding to an FHA Approved borrower. You need to make sure you property is structured to their requirements.

Hope this helps.

Rob