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Financing a manufactured home

We are looking for a house- of the 6 we want to look at, a couple are manufacturd and I am sure hoping it's not a problem to finance. My realtor said something about it being different, but I don't recall exactly how she put it.

Did anyone have trouble borrowing from the bank for a manufactured place? We were approved a few months ago for a house (stick built) we bid on but didn't end up getting, so I know we should be approved for the amount.


Asked by txdaniella at 3:58 PM on Sep. 1, 2012 in Home & Garden

Level 22 (14,983 Credits)
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Answers (5)
  • Yeah. My sister bought a doublewide and it was harder than hell for her to find someone to finance it. She ended up working out a land contract with the owner instead.

    Answer by Mom-2-3-Girlz at 7:59 PM on Sep. 2, 2012

  • I think that's what the realtor mentioned, was a FHA loan to save money would not be an option for a doublewide.

    Comment by txdaniella (original poster) at 8:08 PM on Sep. 1, 2012

  • some financing companies won't let you buy an already lived in manufactured home because they might depreciate in value and then your appraisal wouldn't be as much as they're asking so you wouldn't get financed for the whole amount. Especially if you're trying to get a government backed loan or something. We are in the process of buying a lot and a new manufactured home through a loan from the USDA Rural development. We did find a stick built house that we had put an offer on but it turned out to need too much work and wasn't gonna appraise at what they were asking. Good luck and I hope you get the house you want! :)

    Answer by DreainCO at 4:27 PM on Sep. 1, 2012

  • No, we won't be building- these are all homes previously lived in. Thanks!!

    Comment by txdaniella (original poster) at 4:11 PM on Sep. 1, 2012

  • are you going to be building the home? We were a day away from getting a manufactured home. We were approved through our regular bank, had picked out our colors, and plans were all signed. Then, DHs mom and dad decided to let us know that we were in the trust to get dhs grandparents house, that was sitting empty. Instead of buying the property, and paying the mortgage payments, we decided to move into that home. We never had an issue with trying to get our loan. Make sure the house is appraised, and has been inspected. It shouldn't be any different than any other home.

    Answer by BabyBugsmama at 4:08 PM on Sep. 1, 2012

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