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Good credit, good income, but the property is a used mobile home on an acre of land. Also it is doublewide but isn't over 1500sqft

by joshuafornili553 from Jacksonville, Florida. Nov 13th 2015 Reply


My question is, am I eligible? Lenders like to say VA, FHA, USDA loans can't do this and that but what they really mean, is their lender doesn't. So thought I would ask.

Nov 13th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 contributions

I would call a local mortgage broker to work out any and all financing paths.

Nov 13th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 contributions

You may have to use sub prime lending or a hard money lender for this deal.

Nov 13th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Much more info needed.. When it comes to mobile homes, they are the riskiest property type for lenders.. they are the first to go down in value during a declining market and the last to go up when the market improves.. because of this, most lenders will not do mobile home financing.. and for those that do, they have larger down payment requirements, lower loan to values and higher interest rates.. Also, all conforming guidelines allow for mobile home finance, but there are some very specific restrictions... the property must be architecturally attached to land, it must be 1978 or newer, it cannot have been moved from another address to that location, etc, etc, etc... so, just because one lender does not do it, doesn't mean all wont.. try asking the surrounding neighbors and ask them who they are financed with.. and then contact them.. Your loan officer should have advise you how to write this letter, but in general, type a "To whom it may concern" letter and state whether or not you lived at that address and if you did, between what dates.. if you never lived there but you know of the address (Parents home, old boy/girl friend's place, etc..) then explain how you know the address... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 13th 2015
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