MOBILE HOME LoanS WITHOUT THE LAND
Are you buying or need to refinance a mobile home and the home is located in a MH Park, on family land, or on a lot that you will be leasing? If so, you have likely already learned that there are very few finance companies who have the ability to help you without land. These are generally considered Chattel or Personal Property loans since there is no "real estate" securing the lien. For this reason a standard mortgage company can't help. Most banks can't do this type of financing either. So what are you supposed to do when the seller wants to sell and the buyer wants to buy but no lender wants to make the loan?
The answer is to use a mobile home specialist - one who understands these property types and all of the different obstacles that you will likely encounter in this type of transaction.
Is this MH already existing on the lot (space) or does the home need to be moved to the site?
How do you determine the value of the MH? Do you use a Blue-Book value? Can you do an in-park appraisal?
Is there a difference between financing a Singlewide vs. a Doublewide?
Are you buying from a private seller or a Mobile Home Dealer?
Are there decks, sheds, or other improvements that may affect the appraisal?
If you are refinancing do you need some additional cash or just want to lower the interest rate and payment?
Homes located in MobileHome Parks have entirely different guidelines and rules in terms of lending than those that are attached to a piece of land. Most mortgage companies and banks are just not setup to work with this property type and of the companies that used to be involved in this type of finance, very few are left. So it pays to come directly to the mobile home experts so you don't get the run-around.
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