Finance Questions

Posts Tagged ‘mobile home finance companies’

Question: Is there a mortgage or lending company in Utah that will finance a mobile home on land?

Answer: Well I think it depends on what a mobile home is categorized as, it might be residential. I would contact a residential mortgage place to find out what the rules are for that type of loan. You can find other types of real estate loan services from an online phone book! There are some in Salt Lake City, one called Primary Residential Mortgage that you can check out : >

Danville, KY mobile home Seller will Finance Bluegrass Horse Farms all around. 2mi to Super WalMart

Question: Palm Harbor Mobil homes Financing Question?

My daughter is looking into buy a Palm Harbor double wide and finance it through their Finance Company. Any one out there know anything about these people? Her credit isn't perfect, so I'm not sure a bank wouldn't finance her. I'm just worried about financing through the seller.

Answer: I can answer your question from 2 perspectives:
1. I am currently a mortgage loan officer in North and South Carolina and very familiar with credit, real estate and the housing market.

2. Not only did I used to work for Palm Harbor both in sales and setup, I also used to own a Palm Harbor Home.

Let me state this... as far as manufactured hoems go, I truly believe Palm Harbor to be the best in construction and quality. Most folks do not know they are in a doublewide.. they do a fantastic job and they are tight!

However, I must caution your daughter.. not so much on Palm Harbor, but on the manufactured home in general. Although I personally believe they are great homes, the general public, the real estate market and the lenders do not think that way.

The manufactured housing industry has taken some hard hits.

Lenders have pulled out nationwide from lending money on these homes due to the high foreclosure ratios. And contrary to someone else's response, lenders are not looking to get back into that market. When you lose millions of dollars, you learn your lesson. So, once your daughter gets approved, no matter what the sales person tells you, there may not be any better financing options available later... she may not be able to refinance the loan later. So she must accept that the payments she gets are the best she may ever get on that home.

The real estate market is flooded with foreclosed manufactured homes, so the market is not allowing the mobile homes to hold their value. Most home depreciate fast because the most recent comaparable properties available sold in foreclosure for 20-30% less than yours! This is not a wise INVESTMENT.

The general public sees mobile homes still as "trailers." Although nowadays they typically build a more solid home than many home builders (I have been to the factories!), the public still sees them as the old single wide metal homes that just won't go away even though they are falling down.

Chances are that if your daughter can buy a manufactured home, she can buy a solid site build single family residence. Have her check with a local mortgage broker in the area that works with less than perfect credit and first time home buyers. (Believe me, we brokers can help here!) If in NC or SC, use my link below.

Although she may not get as much room for the money, the long term investment in a site built home will pay off. When she needs more room or needs to sell and move in the future, she will have a property she can sell and make money from, not a mobile home she needs to pay her way out of or be stuck in.

Best of luck in your decisions.

Kentucky Farm Land Mobile Home for sale - owner will finance Danville, KY