Would like to refinance/home equity for a mobile home in Michigan to purchase vacation home South Dakota?
Owe 18,000 on mobile is a 1975 but has been completed gutted and stick built recent appraisal 35,000 and now have a 2 car garage on same property over 17,000. Home in South Dakota is 17,500 stick built with garage 112 years old. by siouxs_872_590 from Baldwin, Michigan. Jun 18th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There isn't many options for you.. Any type of conforming financing will require a 76 or new and must be ground set with an architect certification.. You only source will be a "mobile home specialist", or a personal loan.. but you will have a tough time finding a mortgage for your particular property... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions
Your best bet would be to look up a local credit union in the area. They will be your best bet for financing with lower rates on a property like that.
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
Most lenders that loan on mobile homes will only loan on ones that are 1976 and newer on permanent foundations. As the other comment says a local credit union might be the way to go.
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
This is going to be very difficult. You have a property that is neither Manufactured home nor tradition built. Your loan amount is below what most mortgage originators can lend. Even with the appraisal, it is unlikely that anyone other than a local community bank or credit union will be willing to lend. Even then, they likely would be looking at you as an unsecured borrower, because it is likely they won't want the property if you default, because they would have a hard time selling it. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950
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