Please help trying to buy a 1970 "mobile home"

[nopeda]

I'm sorry if this isn't really a proper place to post these questions but people here seem to know about financing and I'm getting desperate to try to find a reasonable solution to the situation if there is one. I'm trying to get a mortgage to buy a home that involves an older 1970 mobile home. It's on its own .48 acre lot, not in a trailer park. The home is listed as 12x56 but it's much wider than that because more rooms and roof were added on to it. You can't see the mobile home part at all any more. It's on a cinder block foundation and has a shingle roof in good condition that an assessor said looks to be about 4 years old. It even has a small basement where the furnace is. My credit score is very good, but no place I've talked to will deal with a mobile home older than 1976. Can anyone suggest a place that will, or might? I've looked into a personal loan but the only option I've looked into so far is too high a monthly payment for me to afford because it's only a 7 year loan at 11%+ interest.

If I get a personal loan and then make the purchase at that point I own the home and property, isn't that correct? Then wouldn't I be able to use the home and property as collateral for another secured loan, with lower interest and more time to pay? And if so, is there some way to arrange it all from the start instead of having to go through more than one loan? Or can anyone suggest any other options?

Thank you for any help!
David

 

[TexasRangersFan]

I'm sorry if this isn't really a proper place to post these questions but people here seem to know about financing and I'm getting desperate to try to find a reasonable solution to the situation if there is one. I'm trying to get a mortgage to buy a home that involves an older 1970 mobile home. It's on its own .48 acre lot, not in a trailer park. The home is listed as 12x56 but it's much wider than that because more rooms and roof were added on to it. You can't see the mobile home part at all any more. It's on a cinder block foundation and has a shingle roof in good condition that an assessor said looks to be about 4 years old. It even has a small basement where the furnace is. My credit score is very good, but no place I've talked to will deal with a mobile home older than 1976. Can anyone suggest a place that will, or might? I've looked into a personal loan but the only option I've looked into so far is too high a monthly payment for me to afford because it's only a 7 year loan at 11%+ interest.

If I get a personal loan and then make the purchase at that point I own the home and property, isn't that correct? Then wouldn't I be able to use the home and property as collateral for another secured loan, with lower interest and more time to pay? And if so, is there some way to arrange it all from the start instead of having to go through more than one loan? Or can anyone suggest any other options?

Thank you for any help!
David

Mobile home loans are always more than a traditional home. In many cases mobile homes DEPRECIATE in value. Although....I don't think that is the case across the board now. But it was for many years. They are built better and look much nicer.

If you got a personal loan to buy the house.....you can only use the equity you have acquired as collateral for another loan. Because they are going to insist that the home be used as collateral. I don't know how much the home is though...50k, 100k , 150K? If it is 10K sure...........but unless you have a tremendous financial history, a bank is not going to give you 50K with only a signature.

How much is the home?

Talk to a banker....find out what your options are. If it is something you really want to do, then you could borrow the money at 11% and refinance after 6-12 months.

It sounds like it already has a nice infrastructure.....water, electric, sewer, basement.........etc....

How reasonable would it be to remove the current home and replace it with a new mobile home? You can buy a small one for 30K + and it would be modern and probably give you greater satisfaction.

Just a few ideas.

 

[sminicooper]

Mobile homes can be difficult for mortgaging purposes (as discussed in previous posts) but I'm sure you will be able to raise money if there is intrinsic worth. What I think is different and most interesting in the situation you describe, is the mobile home being located in a decent amount of land and not in a trailer park. I think that makes it significantly different.

Have you looked into the legal status of the land and what sort of existing planning permission/potential permissions for domestic dwelling? If it has suitable permissions (or they can be obtained) and is in a good location, that could make all the difference from an investment point of view. It could mean for instance that you could buy relatively cheaply now and later on when circumstances permit, build a nice self-build house whose final value and enjoyment to your self could be way beyond what the site offers now.

Of course, the current owners may have already investigated this and maybe it is reflected in the current price – but maybe not? It's always worth checking and savvy investors can do very well when they put the work in and keep their wits about them. I wish you luck and it's good to see you taking an exploratory and inquisitive approach – I'm sure you'll get there in the end even if it's not with this site.

 

[nopeda]

. . .
If you got a personal loan to buy the house.....you can only use the equity you have acquired as collateral for another loan. Because they are going to insist that the home be used as collateral. I don't know how much the home is though...50k, 100k , 150K? If it is 10K sure...........but unless you have a tremendous financial history, a bank is not going to give you 50K with only a signature.

How much is the home?

Talk to a banker....find out what your options are. If it is something you really want to do, then you could borrow the money at 11% and refinance after 6-12 months.
. . .
How reasonable would it be to remove the current home and replace it with a new mobile home?

At this stage I believe I could get a personal loan for $50K at 11%+ paying $860+ per month, but that's more than I'd feel comfortable committing to. The asking price it $65K and I can put down $15K. How could I refinance on something I can't get a mortgage for to begin with?

Removing what's there and replacing with a new mobile home would not work in GA because it has to be 5 acres or more and a double wide, at least it would have to be that much or more in this part of GA.