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djice2809 · Jul 21, 2007, 03:09 AM

I am looking for a financial instution that will give a mortgage for a 1975 Mobile Home and 1.2 acres of land with a detached 2 stall garage. Can Any one help?

DianeV Sr Loan Officer · Jul 24, 2007, 03:45 PM

Originally Posted by djice2809

I am looking for a financial instution that will give a mortage for a 1975 Mobile Home and 1.2 acres of land with a detached 2 stall garage. Can Any one help?

Frankly, I think you will have a tough time with this. Primarily because of the age of the mobile home. Most banks do not do mobile home to begin with and when they do, the home has to be relatively new.

Fr_Chuck · Jul 24, 2007, 03:48 PM

Your best chance will be a the local bank where you have your checking and savings accounts, Perhaps one you go into each week to cash your check. They will know you, maybe know your family and where you work.

They will often look at more of your ability and past payments and the value of just the land. ( most 1975 mobile homes have little or no actual book value)

Dr D · Jul 24, 2007, 05:07 PM

As the previous post have pointed out, your chances of getting any type of Conforming loan are nill. The magic date for the age of a "Manufactured Home' is June 15, 1976. Anything built prior to that date is not acceptable. Therefore, as Fr. Chuck stated, it has no value. If this is a purchase, the best you can do from a bank is a land loan, which will be a low LTV and higher rate, or you can ask the seller to carry the note, until you can remove the old unit and replace it with a newer one, or a stick built house. No matter how much money is spent on it, it will always be a 1975 MH. Don't go to Vampire Home Loans, they will bleed you dry.