Trying to get mortgage for 1970 mobile home

Leveraging, renting vs owning, making an investment or buying a home?
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nopeda
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Trying to get mortgage for 1970 mobile home

Post by nopeda » 16 Feb 2017 21:00

Hi,

I'm trying to get a mortgage to buy a home that involves an older 1970 mobile home. It's on its own .48 acre lot, not in a trailer park. The home is listed as 12x56 but it's much wider than that because a lot was added on to it. You can't see the mobile home part at all any more. It's on a cinder block foundation and has a shingle roof in good condition that an assessor said looks to be about 4 years old. It even has a small basement where the furnace is. My credit score is very good, but no place I've talked to will deal with a mobile home older than 1976. Can anyone suggest a place that will, or might, or provide any other suggestion(s)?

Thank you for any help!
David

twa2w
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Re: Trying to get mortgage for 1970 mobile home

Post by twa2w » 16 Feb 2017 22:18

Hi David, your best bet may be a smaller credit union. ( or private lender)

Did your appraiser break down the value between the 'building' and the land. A small credit union may be willing to be flexible and may lend 75% of land value plus maybe 50% or so of building value if you are lucky.

Mobile homes are tough to get lending on and the older they are the tougher it is. This makes them harder to sell but for a buyer can make negotiating a lower price easier.

Check with cmhc on their guidelines.

Best of luck.

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Peculiar_Investor
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Re: Trying to get mortgage for 1970 mobile home

Post by Peculiar_Investor » 16 Feb 2017 22:20

Welcome to FWF.

If you follow twa2w's suggestion of a small credit union, it might be helpful to know what part of the country is the mobile home is located.
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flywaysuzy
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Re: Trying to get mortgage for 1970 mobile home

Post by flywaysuzy » 20 Feb 2017 12:53

When I was a single mom (30 years ago!) I went to my local credit union and spoke to an idiot who said the trailer on the land I was purchasing was too old to qualify for a mortgage, I then went the the royal bank, where the nice intelligent employee said I could get half the amount as a low rate cmhc mortgage and the rest as a higher rate chattel mortgage with RBC. If they are still available, I would check out chattel mortgages, basically a loan secured by the property. I would also go to private mortgage lenders, which we have here in BC., these guys get investors to put up money for higher risk deals.Their rates are higher than traditional bank mortgages but may be comparable to chattel mortgage. Good luck! :thumbsup:
suzy

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