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looking to purchase a used mobile home that needs repairs 203k loan - how long do they take?

by ldauro12566 from , California. Mar 8th 2018 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

We would need more info, specifically in regards to the property.. Does the home come with a lot,, in other words, Is the home architecturally attached to land? Has an affidavit of affixture been filed with the county? If so, then the property classifies as "Real Property". Then, the next question is how old is the home? Financing is only available if the home is built on or after 1978.. If the answer to both is Yes.. then the next hurdle is 203K financing on a MFH.. I've worked with over 100 different lenders and I've never seen a lender offer this loan product. So, if the property is habitable, and there are no property deficiencies that have to do with the health or safety of the occupants, then you can probably get financing.. however, if you are looking for funds to remodel it.. you will most likely have to pay for that out of pocket.. if the home wont qualify for financing without the repairs, then you would be best to move onto another property. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 9th 2018
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