Lenders for Mobile Home converted to reality? - Posted by Steve H.


#1

Posted by littlestevie on March 08, 1999 at 24:45:55:

Yep, that reality is a complicated thing.


#2

Lenders for Mobile Home converted to reality? - Posted by Steve H.

Posted by Steve H. on March 06, 1999 at 13:05:43:

I am in the process of purchasing a mobile home converted to reality. I has an attached two car garage and looks like the other houses in a neighborhood of 180 site built houses. There are 8 mobiles converted to reality in this subdivision. Does anyone know if there will be problems down the road, when I try to resell it? As far as someone getting a mortgage on a mobile thats 20 years old. Even though it is well kept and looks great now. It should generate a $250/mo positive cash flow. It seems like a great deal. Thanks.

Steve H.


#3

Re: Lenders for Mobile Home converted to reality? - Posted by Darrin (GA)

Posted by Darrin (GA) on March 08, 1999 at 01:24:29:

Problems…

LTV is lower for mobile homes than houses.
LTV is lower (and loans are harder to obtain) for mobile homes over 10 years old regardless of condition.

20 years old? Perhaps you could get an exception. Lenders will consider things like this on a case by case basis if the loan makes sense.

Count on doing a little owner financing when you go to sell it. Appraisals my be kinda tough on this also.

Darrin