In Zephyrhills, Florida and in other parts of the country (especially in southern states), there are many mobile home subdiviisons. Here a lot of them are registered 55+ parks. These types of dwellings are affordable dwellings for winter visitors and year round residents. If they are on their own land and not a rental lot, they do appreciate if they are well-maintained. Here I am discussing only mobiles on their own land, not rental lots. Financing homes in rental parks is a completely different ballgame.
If a mobile home is less than 30 years old, many lenders will finance the purchase of them. However, if a mobile was built prior to 1978 finding a mortgage can be difficult. Even though many of these homes are in great shape and have been updated over the years, most lenders shy away from lending money to buy them.
Here are two options that some of my buyers have used to finance their purchases of "oldies but goodies"
Equity Loans on Their Primary Residences
For those people who are buying the mobile as a second home and for those who are considering moving here permanently, one option is to get a home equity loan on their current primary residence. Around Zephyrhills, most older double-wide mobile homes sell in the range from $50,000 to $70,000. Often buyers have enough equity in another home that they can pull some of it out to buy the home here. This route often involves less loan costs than getting a mortgage using the mobile as the collateral. The process can also be quicker. Do be aware that banks will usually not give you a home equity loan if your home is already listed for sale with an agent. So if you are considering getting your purchase money this way, FIRST get the loan, then list your home for sale.
Stick With Small Local Banks/Credit Unions or Local Branches of Larger Banks
If you have good credit, often local banks, like the First National Bank of Pasco County, and others will lend you money by keeping the mortgage loan "in house". That is to say, they do not plan to try to sell it on the secondary mortgage market since it does not meet the standards for sale in that venue. Since the loan amount is not great and the buyer must be very credit-worthy they are comfortable lending on older mobiles. Some local credit unions are also more lenient and flexible. If you call Wachovia's nation-wide mortgage company and say you want to finance a mobile (of any age) they will turn you down flat. However, if you visit the local branch office you might find them more inclined to do an "in house" loan. I have seen it happen.
So if you find a great older mobile home that you would like to buy, remember, that "there is more than one way to skin a cat". As long as you have good credit and the banks have lots of available money, you might just be able to get that home you have fallen in love with.
For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com
I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com
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