Lethbridge Real Estate - Financing Modular and Mobile Homes:

By
Real Estate Sales Representative with Robert W May - Lethbridge Real Estate

Lethbridge Real Estate - Financing Modular and Mobile Homes:

 

Some details about financing for mobile homes include:

·         All financing for mobile homes is done through an insurer.

·         Financing is at posted rates, no discounts are available.

·         Maximum age of the mobile is 20 years.

·         Amortization is a maximum of 25 years for units on leased land, and can go to 35 years for units on owned land. Amortization may be reduced based on age and remaining economic life. For used units, please provide us with information on upgrades to support the remaining economic life and requested amortization.

·         Mobiles can be located on owned land or on lease lots in mobile home parks.

·         If the unit is located in a mobile home park, then the full lease pad rental is included in the GDS ratio.

 

For modular units:

·         Unit must be on owned land – no leased lots.

·         If the unit is placed on a full foundation, standard underwriting applies and the mortgage would be eligible for discounted rates.

·         If the unit is not on a full foundation, conditions apply as per mobiles.

 

Draws are possible in some situations:

·         Must be an insured deal

·         Advance schedule:

Up to 15% on completion of the foundation

Up to 85% on confirmation of delivery of the unit

100% on completion

Posted by

lethbridge real estate

lethbridge realtor

Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years.  He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.




 

 

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Rainmaker
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Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
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the only thing that has really changed since this old post about financing of modular and manufactured homes is that they have become even more difficult to finance as less lenders want the business.

Mar 02, 2016 02:12 AM #1
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Rainmaker
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