Investor · Columbus, OH · Member since 2015 · 142 posts · 52 votes
need help I have a great credit score I qualify for an fha loan and a first time home buyers loan. But I'm running into the problem of banks and lenders not wanting anything to do with it, Any advice would be great, thank you.
FHA is a great place to get financing for a mobile home. But you are leaving out critical information.
First of all, why do the banks not want to do this type of financing? Is the mobile home out of date or the wrong size? Is the issue your lending profile? We need more detail in order to help.
they're telling me it's because the mobile homes don't own the land the property sits on. So they continued to tell me to go to the auditor website and look them up by address which I did and couldn't find anything in the search. So they pretty much told me they wouldn't be able to help me
It's been a loooong time, but I believe FHA requires the mobile home owner to OWN the land, it cannot be leased. But I could be wrong. However, based on your inquiry, it looks like that is the case.
My suggestion is to go to the office and find out who's lending on all the mobile homes in that park. There are lenders that specialize in just mobile homes and underwrite their own paper. They portfolio the notes, so don't expect Fannie Mae sub-4% mortgage rates, but it shouldn't be too out of whack with conventional lending.
If there isn't a mobile home lender near that park, look for other parks in the area. SOMEONE is lending on mobile homes and that's the person/lender you need to contact.