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Updated 4 months ago, 08/01/2024
DSCR Loan on a Manufactured Home
Hello! I've seen a lot of people ask questions regarding loans on manufactured homes, but I didn't quite find what I was looking for when searching. I have a double-wide manufactured home on about 5 acres in CO, and I own it outright. I just finished remodeling it, and I want to take out a loan against it. Comps put it around $500k. I know there are issues with financing manufactured homes, but I have a lot of equity. If I can't use it, I'd rather sell the property. Are there any ways to use the equity that don't have brutal rates? Thanks!
@Jefferson Black- thanks ..based on the post I am not sure if the MH is your primary home or an investmenet property ?? if its an investmenet property - there are not many ( if any) lenders doing regular or DSCR loans on rental MH homes
Quote from @Dave Skow:
@Jefferson Black- thanks ..based on the post I am not sure if the MH is your primary home or an investmenet property ?? if its an investmenet property - there are not many ( if any) lenders doing regular or DSCR loans on rental MH homes
Sorry for the confusion. It's an investment property.
@Jefferson Black- thanks - I am not aware of any lender that will do a loan on an INV manuf home property ...you might contact the local small to mid size credit unions and banks in your area ...you also might try the bank that you have funds deposited at - good luck
Quote from @Jefferson Black:
Quote from @Dave Skow:
@Jefferson Black- thanks ..based on the post I am not sure if the MH is your primary home or an investmenet property ?? if its an investmenet property - there are not many ( if any) lenders doing regular or DSCR loans on rental MH homes
Sorry for the confusion. It's an investment property.
You can finance manufactured homes with a DSCR loan. the max LTV is 65% for both purchase and refinance. It also cannot be on a land lease.
- Erik Estrada
- [email protected]
- 818-269-7983
I’ve decided that doing a 1031 into a more traditional property is the best move, here. Thanks for your advice, folks.
@Jefferson Black- thanks for the update...good luck