Financial Information
Where to go for the buyers on the financing of mobile homes on land in TN?
Mobile home financing is very difficult to find, some have less than perfect credit buyers, (640 years). Search for “Loans for mobile homes” single and double rooms, many already on the ground. Some houses are listed double-wide manufactured homes with permanent foundations, others are mobile single wide in the country. These buildings were previously occupied and some are in need of repair. I would like to find more options for the buyer less than perfect credit, (640 years). I talked to a few companies, and it seems hard to find Tennessee. Does anyone have any suggestions? Finance companies or realtors please reply! Need financing for a used mobile home on the land, not the first purchase of refinancement.Merci for all the answers! Reply
by Marty S
I can help you! msmith@premierloangroup.comMarty
Financing such as you are seeking is not only difficult in TN, but in the other 49 states as well. I just had a conversation with a lender yesterday relative to this subject, and he indicated he would be lucky to find a lender who would consider mobile home financing even at 50% LTV. Same goes for modular homes.
Lenders took a real beating in the last few years financing such properties and then having to foreclose them. The lenders learned quickly that the market value of such properties is lucky to stay at purchase price and not drop further.