What companies provide financing for a mobile home?
February 25, 2009 by admin
Filed under Renting & Real Estate
Candy H
I live in a 1987 doublewide mobile home – its made out of wood not tin. I own it 100% and its valued at $40K+ but it needs work – like new windows and I would love to remodel the kitchen but have yet to find any companies that offer financing.
Per the county thats what its valued at – please don’t answer if you are ignorant.
Its in a park – I was told by my bank they would finance moving it and a piece of land. I just want an improvement loan.
I live in a 1987 doublewide mobile home – its made out of wood not tin. I own it 100% and its valued at $40K+ but it needs work – like new windows and I would love to remodel the kitchen but have yet to find any companies that offer financing.
Per the county thats what its valued at – please don’t answer if you are ignorant.
Its in a park – I was told by my bank they would finance moving it and a piece of land. I just want an improvement loan.
it’s not worth 40k. not sure what upgrandes you are running… Marble floors, slate roof, oil paintings, imported tiles?
Have you tried a company like Beneficial? they might do a home equity line of credit…there should be banks/finance companies that specialize in mobile homes in your area…
I know there is a lender we use for this but, you better do this soon because they will only look at 20 years old or less. I have done a few I think Wells Fargo or Southstar if no one answers this I will look at the office tomorrow for you
Some banks will loan up to like 80 % of the value , but if you borrow less they will still want you to put the home up as collateral, so it is going to be like buying all over again..just not on as much money , some lenders NOT greentree , will also give improvement loans on doublewides / and modular homes just have to shop around with lenders , Start with Vanderbilt Mortgage , I personally know nothing about them , but I have heard others talking how please they are with that company , they may do improvement loans ..you can also check with the mobile home dealers in your area to find a good one to work with ..they deal with all of them on just about a daily basis..
Argent might do it.
You might have better luck financing the work you want done directly with the contracting companies. If you work with the larger companies, they sometimes have lines of credit already arranged with a local lending institution.
The interest rates tend to be lower than some of the other options I’ve seen out there. I had to pay for the plumbing work I had done two years ago that way. I had to agree to pay a minimum amount each month and it actually went very smoothly, overall.
Good luck!
What state is this located? Is this located in a mobile home park? Is the mobile home attached to the land as real estate or is the land separate?