Chattel home loans?

[Guest]

I am having a hard time finding a lender, let alone a GOOD lender, for a brand new mobile home I want to put on a leased spot in a park.

I already own a mobile home, it's very old, and I want a brand new one, and don't want to move, essentially.

Anyone have any recommendations? I don't want to be raped with interest and fees, etc, just because it's so hard to find someone willing to lend without land!

[Yanita]

Hi,

We fiananced our singlewide, rented property with our local bank. Since it is titled thru DMV, the bank was creative in the way they wrote the loan, although it was legal. Interest rates are pretty muched based on your credit history.

~Yanita~

[Maureen]

Hi SecretAgentWoman,

If you could give us your general location, that would be a really great help!

There are so many things that factor into a good loan for a particular person. The best thing that you can do is research loans in your area.

This is one of those areas that one loan may work for one person and not the other.

Add on the fact that the unconventional loan process is getting tighter and harder to find, you've got your work cut out for you!

Just keep in mind that no matter what, your going to have a higher interest rate if you don't own the land. That's a given fact.

Maureen

[Guest]

I'm in Texas, DFW area.

Our homes are neither titled like vehicles nor like stick homes. They are in a gray area and are issued "statements of ownership and location" not titles, by the dept of housing.

I've already checked with my bank, no go.

I asked for referrals from the manufacturer of the home I want to buy, none of them do loans without land. I filled out questionnaire forms on all the major loan search sites, eloan, lendingtree, etc, and all came up to dead ends. No land, no loan.

I just need some names....somewhere to start looking.

[Yanita]

Hi again,

We have several folks here on site in the state of Texas, hopefully one of them will chime in. If they do not soon, I will email a couple of them.

Have you tried the Sally Mae Foundation? How about just calling a few mortgage professionals and they might be able to give you some ideas. It's odd the bank did not tell you others that might finance, the banks use several different underwriters for various types of loans.

I will watch this thread and then send out some emails.

Hold on and do not lose hope.

Have a good night,

~Yanita~

[Guest]

Thanks, I appreciate your willingness to help!

I was a big reader and poster of this site last year (I have THE BOOK lol), before all the changes, and it's good to know you guys are getting better and better.

I bought both of the books by Grissim, too. I've been educating myself something fierce, and I'm determined.

[Sylvia]

The <i> other </i> mh forum is more about finance both for park owners and people in parks. This is more about people willing to help and getting ideas, trying to fix thier homes to the best of thier ability. This is a friendly place. I find myself frequenting the other site less and less. Nobody tries to sell you anything here (other than Mark's book) (not knocking the other place either as our owner is a mod there too)

I'll give you the link, if it's ok with the mods. Mods?

[Yanita]

Certainly, leave the link.

LOL, when you are as good as we are here we do not fear the competition LOL!

Yes, as always and we shall remain very friendly and family oriented.

Yes, we do mention the book/manuel as it is a real plus when trying to repair certain areas of your home.

Thanks for asking about posting the link.

Have a great day.

~Yanita~

[Susan]

SecretAgentWoman,

I don't know if this will help, but I got a flyer in the mail yesterday for MH financing of all types. The link is www.LoanJunction.com. They advertise fairly decent interest rates and types of loans for new, old and refinance. I have not used them so cannot recommend it. They say they do loans in the US, so it appears that they are not limited to a particular state.

[Sylvia]

Well here goes... http://mfdhousing.com/discus/list.php?f=1

I've run sites where people come in from the competition leaving thier links and it always irked me. I'd never do it without permission. It's rude.

[Yanita]

Hi Sylvia,

We certainly appreciate your respect and consideration before posting links to other MH sites. BUT, LOL, I must say that was one of the first sites I found years ago searching the web. LOL, look where I am now and have remained.

Not saying that is a bad site, just not what we have here!

Other sites basically give a cold impersonal reply, and there is nothing wrong with that. But we prefer to have a friendly place...LOL, I find myself in the morning, (weekends) coffee and cigs in hand, booting the pc and settling in.

LOL, there are many places in the USA that I could go right now and not worry about needing a motel room, instead I could pull up there dining room table chair, enjoy a meal and have conversation like we have been friends for years! I like this type of atmosphere.

Again, thanks for the consideration!

Have a great night,

~Yanita~

[Guest]

We have our home financed through San Antonio Credit union. We are on leased land (Park) and we got an 8.99% loan. They should be able to give you the information you need.

Bill W.

[Guest]

Thanks, Bill! I'll contact them.

Sylvia, I took a look at that other place, and I always get lost in those old threaded forum types. I prefer all replies on one page like this kind. Ugh.

I also didn't find a forum for loans? Am I missing it?

[Sylvia]

They're rather loan oriented there. You could likely type it anywhere and get a response.

[hvac1000]

Hopefully people will think forward before they need a loan. If you clean up your credit/credit cards/auto loans and any other financial situations you will get a much better rate on loans.

I am not saying that everything has to be paid off just all in order with no blemishes on your credit if possible. This makes a huge difference to finance company's since it shows them you are responsible and take your debt seriously.

A few years ago I was a volunteer in a special program to try and help lower economic scale folks get a home loan. Almost all of the finance courses I took to prepare me to help folks mentioned the above information over and over. It also said to try not to change your employment for two years previous to a loan application. I remember seeing a 3 to 5 point spread between a good quality candidate and one who had not so good credit.

This can be a big $$ difference when it comes to a monthly payment. Also never forget that if you can afford to send a separate check for lets say 100.00 that is applied to principle only it will pay your house off much faster than if you make just the regular payment over the years.

One trick we used to do was to qualify a person for a loan for a longer period of time than necessary for them to pay off the loan based on what they could afford per month. It makes the payments cheaper. Then we would tell them to use the additional money difference from not making the higher payment for shorter years as a principle only payment every month. It is a real long term money saver but you have to have the discipline to do it. By doing it this way you are not going over budget but you pay down that principle real quick. We all know that a loan is interest heavy during the first phase of a loan because of the interest on the higher principle.
I do not consider myself qualified in this area of business but these are just a few things I learned from the classes I attended.