Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

The CafeMom Newcomers Club The CafeMom Newcomers Club

Would they deny a home loan if it was a modular home (not mobile home)

Posted by on Apr. 21, 2013 at 11:10 PM
  • 24 Replies

The house is nice, will easily pass inspection. Has a FULL basement with 10ft ceilings and is finished out, rooms windows bathroom etc. . The house looks like parts of it were prefabricated or something. The listing says ranch style home. It doesnt have a seam down the middle like a mobile home, and they even added an addition onto it, but it has that "modular home" look to it. The lender asked us if it was a mobile or manufactured home. I didnt know the answer. If it is, will they deny us? Even if there is nothing wrong with it? 

 

by on Apr. 21, 2013 at 11:10 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
sewingmama88
by on Apr. 21, 2013 at 11:14 PM
Its harder to get a loan for them. Thats whats our realitor told us when we where looking at houses. Unless its on a foundation than they will probably not deny it
Posted on the NEW CafeMom Mobile
girlwitha_nikon
by on Apr. 21, 2013 at 11:40 PM


Wait, so if its on a foundation they would deny it? 

Quoting sewingmama88:

Its harder to get a loan for them. Thats whats our realitor told us when we where looking at houses. Unless its on a foundation than they will probably not deny it



AjCeCeMom
by Ruby Member on Apr. 21, 2013 at 11:52 PM
Don't do it, they are a glorified trailer and have no resale value. If it has a concrete slab foundation ( which it should if it has a basement) you are more likely to get a mortgage. Denial also depends on your credit rating and deposit.
Posted on CafeMom Mobile
shadow_lark
by Gold Member on Apr. 21, 2013 at 11:55 PM
Yes, some banks will deny a loan for a modular home . Bank of America is one of those banks.
Posted on the NEW CafeMom Mobile
girlwitha_nikon
by on Apr. 22, 2013 at 12:02 AM

It has a full basement. Rooms down there and it is all finished out with bed rooms a bathroom, living area and laundry room.


Quoting AjCeCeMom:

Don't do it, they are a glorified trailer and have no resale value. If it has a concrete slab foundation ( which it should if it has a basement) you are more likely to get a mortgage. Denial also depends on your credit rating and deposit.



Seagodess
by Silver Member on Apr. 22, 2013 at 12:08 AM

I dont know if a bank would deny a loan or not.

However like someone else mentioned, if it is a modular home they have no resell value. So unless you are planning on staying in it for a very very long time or have no expectation of getting back what you paid for it, dont do it. When we were looking at buying a house we looked at some. The new ones were $150,000+. Pre owned ones, even just a year or 2 old were $30,000, some even less.

calsmom62
by Silver Member on Apr. 22, 2013 at 12:16 AM
Wow that's a big difference in price BTW new and last yrs model!!!! My feeling is that modular homes carry more environmental risks(offgasing of toxic compounds) but maybe the builders are more careful now.


Quoting Seagodess:

I dont know if a bank would deny a loan or not.

However like someone else mentioned, if it is a modular home they have no resell value. So unless you are planning on staying in it for a very very long time or have no expectation of getting back what you paid for it, dont do it. When we were looking at buying a house we looked at some. The new ones were $150,000+. Pre owned ones, even just a year or 2 old were $30,000, some even less.


Posted on the NEW CafeMom Mobile
girlwitha_nikon
by on Apr. 22, 2013 at 12:28 AM


This has a wood frame, and a foundation with a full basement. It was built in 78 and has only had one owner. It also has a new addition on the back. 

Quoting Seagodess:

I dont know if a bank would deny a loan or not.

However like someone else mentioned, if it is a modular home they have no resell value. So unless you are planning on staying in it for a very very long time or have no expectation of getting back what you paid for it, dont do it. When we were looking at buying a house we looked at some. The new ones were $150,000+. Pre owned ones, even just a year or 2 old were $30,000, some even less.



sewingmama88
by on Apr. 22, 2013 at 7:20 AM
They wont

Quoting girlwitha_nikon:


Wait, so if its on a foundation they would deny it? 


Quoting sewingmama88:

Its harder to get a loan for them. Thats whats our realitor told us when we where looking at houses. Unless its on a foundation than they will probably not deny it




Posted on the NEW CafeMom Mobile
CrimsonRadiance
by on Apr. 22, 2013 at 7:24 AM
We actually are closing on a house in May. Our bank told us, when we were looking for a house, that they do NOT give mortgages for modular/manufactured homes or trailors. Most banks do not.
Posted on the NEW CafeMom Mobile
Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)