How can I get financing for a used singlewide?

How can I get financing for a used singlewide?

I am going to build a house in 2 years but am looking for a used singlewide to put on the property and live in until the house is built (2-3 years total). I then want to move the singlewide to another lot and rent it. Right now my Fico is only 601. Does anyone know if this is possible? The land is clear and there has never been a home there so I will need septic, water,electric as well. The singlewides I have looked at are around 25k but I can'-t find a dealer who will finance a used home. I am in NC if that helps.

abustymommy

First off make sure you can even put a single wide on that property. Some counties have a certain size u can even put on it. Call your bank and ask them if they can help you find a place that will finace you . I work at a bank and the loan officer should be able to tell you some places to go . You could always try and add 25 grand to your loan for your house ( if you have a loan for the building funds) .

starke22

This is a tricky situation, but it sounds like you will need to get automobile financing.Traditional mortgage financing requires:1. property be permanently affixed to property through permant foundation2. Doublewide preferred (FHA will do singlewides though and it's a pain)3. Manufactured home built after JUNE 15, 1976 --- very, very important date. I can not emphasize this more, it is the difference in classification between a mobile and manufactured home4. All wheels and axels must be removed5. Private/connected utilities and septic/sewerAnother aspect for mobiles is to consider with age is if the singlewide is over 29 years old. This will affect the amount of insurance you will be able to obtain which might not jive with lender requirements. Insurance Co's depreciate mobiles after 29 years.Personally, I don't touch singlewides... they are too much work/difficult to get financing for. But if you are purchasing one that isn't on the property already... yeah, it sounds like you will have to get auto financing. Go to a auto dealership finance department, they might be able to help...Source(s):Me, I'm a lender in FL who finances mobile homes...Here's my newest RE hobby about 1031 exchanges too:http://www.nnnstore.com soon to be http://www.1031store.com (testing it now)

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