Real Estate Bargains

2 Responses to “How Can I Get Financing To Buy A Mobile Home?”

1. Face on Fire on August 28th, 2009 at 10:54 pm

   You need collateral, you could have used the land if it were for sale, but if the mobile home goes up in flames and you cant pay it off, they have nothing and thats why they wont lend you the money.

2. B-bop on August 29th, 2009 at 3:42 am

   Greetings from your intra-continental neighbor to the South!
   I can tell you how banks would presumably act in the States.
   Since the giant cluster f%$k with housing here in the U.S., the global banking industry is scrutinizing risk.
   Here is how the bank is considering you.
   One, a mobile home depreciates much like a car. That leads to frowning.
   Two, most mobile homes are easily destroyed. Therefore, banks do not want a possibility of insurance snags.
   Three, a mobile home is very costly to move and very hard to move under foreclosure circumstances. Basically, the bank sees no value in the amount of money you want to borrow, the return on the bank’s money with interest rates, and the fact mobile homes are the worst pitches for bank loans.
   I would treat this more like a car. If your household income is that good, save some money, and try to get a personal line of credit. This means that you will have cash available to purchase outright. Those loans have much shorter terms, usually 5 years here an have higher interest rates. Those loans, however, can be backed by collateral like a car.
   Quick math: $15,000 at 8% for 5 years is going to be approx. $304.
   Personally, I do not see a problem if you work some different angles. Now, if your credit stinks…then the banks frown really badly.