Mobile Home Mortgage

18 years ago

I would like to learn about the salient points to keep in mind while applying for mobile home mortgage. Will some one please help?!

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Comments (3)

Chemocurl zn5b/6a Indiana
18 years ago
You may want to check your other thread...How to own a house without money

There is a link there by smith_grow about such things I think...I did not and would not check it out myself...

But please keep this in mind... Here is also something that smith_grow said.
It is indeed a great idea to own a house without money yet it is not difficult!
I really don't understand what he/she was trying to say there.

I will say this...It is not a good idea to own a home, even if it is a mobile home when one admits to having no money.

All the replies to your other thread apply to mobile homes as well.

Save your money until you can afford to undertake such a financial commitment. Too may folks are buying things they just cannot afford. Financial companies are allowing too many folks to have too much money...in the hopes that all will go well. Well, often times it doesn't.

Don't be a part of the I want it NOW generation just because someone lets you have it now, regardless of whether or not you will be able to afford to pay for it in the near or far future.
Chemocurl zn5b/6a Indiana
18 years ago
I might add...it is not wise to think like the character in the skit I've linked below. It is sad but true that there really are a lot of folks out there that seem to think that way.

(Thank you too, to the member who originally sent the link to the skit. I have shared the link and enjoyed the skit myself numerous times.)

Here is a link that might be useful: Don't buy stuff you cannot afford skit (video)
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My neighbours did this; took about 5 years start to finish (from the time they bought the trailer to the time they sold it). It apparently took some convincing of the county because they were restricted to one house on the piece of land...so having the mobile home AND the new house was against zoning bylaws. Thankfully the county agreed if the mobile home was gone when the moved into the new house. There was about a month in which they camped out in the yard because the mobile home was sold and gone but the house hadn't passed final inspection. All that being said, it worked, they have a gorgeous house and no debts. That being said, they had TONS of family to help them with the build, and she was a stay at home mom (they have 5 kids!), and dad was a trucker who would be home for stretches at a time. Personally, I built my place in a year working only evenings and weekends plus my holiday time, without an entire crew of workers. $50k wouldn't have gotten it to lock-in stage, but it would have covered my excavation, foundation and at least 1/2 of framing (except I dug my own basement and poured my own foundation....so we're talking material costs). Where there's a will, there's a way right??
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Is it possible that the bank has placed no lien on the mobile home or isn't using it as part of the down-payment and that you are free to sell it at anytime? You will have to bite the bullet and ask the lender if the mobile home is considered part of the total package. It is possible that they considered the moble home to have no value and simply added the amount owed to the mortgage of the new home, their appraisal of the new house and land being high enough to absorb the amount. When I was in a similar situation, it wasn't a bank but the town that said the mobile home would have to be gone before the inspector could issue the C. of O. Wayne
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Has all the wiring been inspected? 1970 homes can have aluminum wiring. Also a home that old was not built to any HUD standards, and will be lacking in insulation, structural strength, and fire resistance. You may not be able to insure it even if you manage to get a mortgage.
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Is that because it might fall apart during a move? You might hear all kinds of valid reasons for it, but really it is just to prevent mortgage fraud. One of the problem with any movable home is that it can be picked up and moved somewhere else before being paid for. So you can get a mortgage, move the home off the land and essentially leave the bank nothing other than a lot to foreclose on. There was pressure to not make the loans at all, but there were obvious concerns about disallowing them altogether. So they came up with the one placement solution. That solution allows loans on the property while disincentivized moving the homes, as any move after the original placement destroys so much value that it is just not worth it. It is a very elegant solution except for people who place a manufactured home on a parcel that they can't or won't sell. It largely destroys their ability to get any return on the home. I suspect that technology has changed to an extent that there might be other solutions today that would largely achieve the same goal.
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joyfulguy
18 years ago
Cheap in cost ...

... often turns out to be cheap in value, as well.

And may turn out to be increasingly so, as time goes along.

Also, I find it difficult to conceive of a lender being willing to offer 100% of the cost of the home, plus closing and ancillary costs, with no immediate financial investment on the part of the so-called owner.

In a habitation that, if the purchaser defaults, may be difficult to sell for enough to cover the full amount of the loan.

ole joyful

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Mobile Home Mortgage

Comments (3)

Chemocurl zn5b/6a Indiana

Chemocurl zn5b/6a Indiana

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