Do you know anyone that does Mobile Home/ Trailer financing. I live in Maryland and I am helping a client.?
Written By: admin on August 18, 2009
2 Comments
I am looking to find a lender that does financing for trailers/ mobile homes. Many of the lenders we contacted do not finance trailers because it is similar to purchasing a vehicle. My client is looking to get financing for about ,000 and he has average credit. He was pre-qualified to buy a home, but he is interested in a trailer near his work. If anyone can provide a company name and tel# or website info, that would be greatly appreciated. Thank You
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Vanderbuilt Mortgage Company is who I use to deal with.
http://www.vmf.com
FHA does mobile and manufactured home financing up to 97% loan to value.
Caveat- The home must be HUD certified, on a permanent foundation, built after 1976 and the land and home must be a parcel (no leased land or parks).
Beware, it is extremely hard to get financing even if all of the above is right. On leased land it is near impossible. You will NOT be able to broker, it is a different type of loan, like an unsecured personal loan. Rates are 9-15%.
Google "chattel loan" or "chattel lender". Vanderbuilt mortgage comes ot mind. You might be able to score a small refferal fee but nothing else.