Who provides the best used manufactured home loans for homes in parks?
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I hear that a lot of lenders will not deal in manufactured home loans, so I wondered who I should turn to to get a loan to buy a used manufactured home. It is already in a mobile home park and you are paying lot rent each month for the land it is on. So...what is the best way to do this? Does anyone have any idea who the lenders like this would be in the Tampa, Florida area? I don't care if the lender is local, just want to find a few to compare that deal with such a loan and what kind of down payments would be required and what kind of interest rates are available for people with decent credit.
Who provides the best used manufactured home loans for homes in parks?A mobile home in a "rented space park" is considered chattel property (movable possession; property other than real estate). A mobile home, not permanently founded, is treated for lending purposes as the equivalent of a vehicle. It carries a similar title to a car until permanently attached to a piece of land.
Local banks, credit unions, and places like American General, Beneficial, Wells Fargo Financial will lend on a mobile home. The better your credit, income, age and condition of the mobile home you should be able to get financing with a little bit of shopping. Many dealers who sell mobile homes also have industry specific lenders they work with. You might want to speak to the dealer who sold you the home.
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