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Loans against Mobile Homes?

16 years ago

Hi,

I am planning to buy a Mobile Home as my budget is small but I would like to own a home as I am fed up of paying rent month after month. Does any one know about companies which provide loans against Mobile Homes? If yes then what are the options and is there any other relevant information which I should need? Thanks in advance!

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Comments (3)

lucy
16 years ago
Are you aware that they don't appreciate in value like other homes do? And that depending on whether or not you're in a 'park', you may still have to pay rent on the property every month?
greg_h
16 years ago
Does anyone else have the feeling that somebody else who registers today is going to reply to this thread with the perfect answer for this problem?

There seems to be a few spam posts recently regarding mobile homes with that pattern. A newly registered member asks a question about mobile homes, and a little while latter, another newly registered member answers them. And neither reply to any of the accusations that it is spam.

If this doesn't turn out to be one of them, I apologize to the OP.
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Hi Len VT, If you've been holding your stocks for an extended period, you'll likely have a substantial capital gain built up and if you liquidate investments you'll have capital gain tax to pay, which will mean that you'll have to liquidate a larger amount of pre-tax asset value in order to have the after-tax amount needed for your renovation. Not only that, you'll have to pay commission to sell them and, after the house loan is paid off, commission again to re-purchase, supposing that you'd choose to buy the same stocks later. Not only that, I think that the markets are down now, so I'd rather not liquidate some of my stock market-based assets, these days, lacking serious need. In fact, I've been buying more, recently, and expect to buy more, later, as I expect an advance in the markets, though I think that it may be later than jkom51 thinks. I hear some folks telling of set-up costs related to a home equity line of credit, which is understandable, as a lender wants to be sure that the property is as claimed, is properly evaluated, lacks large loans against it now, etc. I have used stock certificates and mutual fund certificates as collateral for a line of credit, and had no set-up fees to pay. If you were to use stocks or mutual funds, you might qualify for a lower interest rate, in that liquidation would be much easier, in case of default. Also, I've allowed my line to sit unused for substantial periods, and there have been no inactivity fees, either. In fact, in that you have much larger assets than you'd need to liquidate to fund your upgrade, you might choose to take out a larger loan and make some increased equity investments currently. I understand that the interest rate on your home improvement loan would be deductible, but not being a resident of your country I'm not sure. If it is not, you'd want to keep the two loans separate, as the line of credit for further equity investment would be deductible in your area, I'm almost positive. While interest rates currently are low, I expect to see them rise, for when one considers the bad odour internationally that has developed in recent months over the U.S. sub-prime mortgage debacle, and the huge U.S. gov't. debt, much of it held abroad, it could well be that, in the light of the deficits developed recently, largely due to the Iraq war, it may be necessary for the U.S. gov't. to offer higher rates to foreign holders in order to entice them to make further loans, before long. Good wishes as you consider your options further - I hope that you are happy with your choices, later. ole joyful
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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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That's right - I only want to own two homes. My primary residence is out in the boondocks and I have a dumpy condo in town close to work. I'll keep the dumpy condo just to avoid the daily commute but I really hate the city but that's where the jobs are. What I want to do is eventually move my primary residence from East Boondocks to West Boondocks. Thought I would do this later in the year until this home caught my eye.
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Thanks for replying Cathy. My family has a home on 2 acres now. The home is paid off. It is a site built home. I want to keep part of the land. I have planted many trees here, including where the house is. But, I am thinking about in the future when our family is 2 people instead of 3, and we have to take care of 2 acres and the washer and dryer are in the basement. The tractor has to cut 2 times the area that it just may be possibly having to cut. I am thinking if I could have our Insurance and annual taxes cut in half, the one floor living and if the current home was sold, I would only need to cut half the lawn. But, I haven't got the okay of the whole family on this plan. The area where I live,there is nothing here. WE are about 55-60 miles from Pittsburgh. There aren't any good paying jobs here. In 1995, my husband at the time and I had a Dutch doublewide home, on a basement foundation. We were young (in our 20's) and a loan for $65,000. And we ended up divorcing (he cheated) and the house went for taxes. I wished I had gotten a single wide on piers, then I maybe could've payed the payments. well, anyhow, the doublewide is next to my now home, where my mother, brother and I now live. The neighbor is nice and all. But, as you can imagine my mother really doesn't want to give up this current site built home. Sometimes she says she does because it reminds her of my dad, he passed away in a nursing home in Feb 2016. But, I really, think I need to save a good bit and then get my own MH. My brother is 34 years old, he just may find someone and get married, then my mom and I would need to move, but, really, he is a big video gamer, and goes to comic conventions in Pittsburgh, so..... maybe not. But anyway, Cathy, back in 1995, the doublewide was about $40,000 without the basement and utilities, that all added about $20,000. We saw a single wide that was also $40,000, that's why we went with the doublewide. If I could go back I would've picked the single wide. And put it on piers, then we could'nt have borrowed on it. He ended up getting a line of credit. He got a new car and computers and a few other things. I never got anything out of it. I am telling the truth. I am actually embarrassed that I got nothing out of it. Anyways Cathy, I will need to save some money before I search for anything but a really older used MH.
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Chemocurl zn5b/6a Indiana
16 years ago
Does anyone else have the feeling that somebody else who registers today is going to reply to this thread with the perfect answer for this problem?

I 'suspect' the same thing...or maybe that member that joined a couple of weeks ago who will jump in on this again.

Anywho, Ryan, where would you be putting this mobile home? Are you thinking of setting it up in a park? Do you have the money saved for getting it set up or would you likely have to have that financed as well on a mobile home loan?

Do you have any idea what the lot rent might be? A friend of mine pays $450.00 a month for just the lot rent! Can you afford the home payment, lot rent, taxes, utilites, insurance, and upkeep? Have you taken all these things into consideration? Owning a place comes with a lot of financial responsibilities, besides your home depreciating over time.

Right now I have a friend who is upside down on his mobile home loan...meaning he owes a lot more than it is worth. It all seemed like a really good 'deal' years ago, when he got approved for the new home, and even additional money for the set up on property he owned. He has since built a home, and rented the mobile out. Needless to say, the mobile is now trashed, falling apart, and he still owes several thousand more than what he could ever get out of it. His only hope is to get a renter in there that will help with the rest of the payments owed on it.

Many years ago (30) I bought a used mobile home ($6000) lived in it for 10 years, with lot rent of $40 a month. I paid it off quickly, saved my money, sold it for $3500, and applied the money to my new construction loan when I had the house built. In my case, the mobile wasn't fancy, yet quite livable, and very cheap accomadations. It sure beat the apartment I moved out of, as the lot I was on was a private one in the country where I could have dogs and a garden...things that were important to me then and now.

Be careful that you don't get in over your head. What appears to be a good deal now, might not be in years to come.

Sue

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