Where do we get financing for a mobile home on a foundation?
Written By: admin on August 7, 2009
2 Comments
My husband and I are interested in buying a mobile home on a fixed foundation, but every bank we’ve talked to said we cannot get a fixed rate, but an adjustable rate mortgage. Is there any other options so that we can get a fixed rate? Is there specific lenders that do this type of thing?
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Tags: adjustable rate mortgage, fixed rate, fixed rate private student loan consolidation, home equity loan lowest rate, lenders, mobile home
FHA is the only way I know of you can go. You can get a fixed rate but it is now much higher. All the standards have to be met.
Hmm, fascinating.
Is the property located in the US?
Are you interested in buying a double wide mobile home on an FHA approved foundation and the buy price includes the land?
If so, I understood that this type of buy was eligible for regular financing. Even Fannie Mae and Freddie Mac bought loans that applied to this type of property. And, FHA financing was available.
Have you been told that the regulations have changed recently? With so much turmoil, it is possible that there have been changes.
Will you be occupying the property? If it is a single wide, or if the land is not included in the sale, it is possible that you will not be able to get a more attractive loan.
If it is a double-wide & includes the land and you will owner occupy, you might have better luck with a smaller bank in the area where the property is located.
I’d like to know how it turns out for you.
Excellent luck.