How does a mobile home effect lending?

[Michael Rendon]

Hello. I am looking at a property in North Florida for purchase. It has a guest house on the property. One home was built in 2014 and it is a stick built home, the other one is a mobile home from the 70s.

My agent says they can only except cash offers due to the year the modular/mobile home is built. I suggested we remove the value of the mobile home from the loan and qualify based off the land and stick built home, but he told me in order for the bank to finance the deal the mobile home would need to be removed from the property.

Can anyone help add some clarity as to why this is? I want to purchase this home with the mobile home, but it sounds like if I want to finance it that is not possible.

[Rachel H.]

@Michael Rendon Regarding financing, it's always dependent on the lender. You may want to talk to small banks and/or credit unions to see what other options are available. 

Also, you can try bringing in a partner or looking for a private lender for the deal. Another option is to buy with hard money and refinance sometime in the future. 

Just some thoughts. Hope that helps!