How do my wife and I get a mobile home loan?
To start this out, I'm 68 years old, and me and my wife are about to start shopping around for a mobile home loan. I have several questions within this question. We're getting old and just need a small little place to maintain our lifestyle. Currently we're staying with one of our children. We just moved out of our apartment and before that we only owned one mortgage which we lived in for 30 years when we sold, and moved into an apartment. Would that variable of only owning one home be a problem when applying for a loan at our age? My wife gets social security, and I get retirement from working in the police force. Would those be counted as income to apply a loan for a mobile home, or any loan for that matter? by gregki_746_957 from Tampa, Florida. May 7th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
You should be fine.. however to get a real estate loan, you would need to purchase a MH on land... if you are just wanting the MH financing, you will have to have space rent as well.. Those two costs together could be higher than if you just purchased a single family home... there are also options for purchasing a home using a reverse mortgage... with a reverse mortgage you could purchase without any payments... ever!! You have a lot of options, so The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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
Yes that income would be sufficient depending on the debt to income level. As long as you can show last 12 months of rent payments towards your apartment and credit is good we shouldn't have a problem. Get into touch with me and I should be able to help you. 888-320-7888 - www.MortgageWholesale.net
J.D. Peck (TheJDPeckLendingTeam)
#44 ranked lender in Colorado - 82 contributions
You should be able to qualify so long as the Mobile Home meets the proper lending requirement (year built, affixed to the land etc.). I would advise contacting your local bank or credit union as they tend to be more willing to lend on Mobile Homes.
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