I found a good deal on a used mobile home in a park, a 2019. Got approved for a mortgage from both Triad and 21st. Triad wants 11% and 21st wants 13%. Ouch!!!
Great info Mark. By offering a buyer a couple lenders to finance a home on leased land is huge. Even if it’s a loan on personal property. And owner financing is another great way for the seller to make extra money by charging interest. Great video..
Triad and 21st will finance but they will charge a much higher interest rate. I have dealt with both and the interest rate was over 10%.. Some do have zero down programs available. owning your own land is a much better option if you can afford it. Zero down is an option on a traditional mortgage with home and land for first time home buyer that qualify.
Great info just purchased a fixer up mobile home in a mobile park that was donated to the sheriff department was 20k but got it down for 15k cash still in the process off fixing it but i was looking for more information on how to sale it or finance it or even rent it out here in california next to a shopping center next door brand new houses in front of the mobile park would love for you to share more info on all that and evaluate more mobile homes
What a great find, way to go and welcome to the community! Regarding renting the home out, we would suggest contacting the park first to see what the rules are regarding your investment. Normally, they will be able to get you documents that state what the park will allow when it comes to renting a home out within the park. Once you have that in writing the sky is the limit! Congrats on the purchase!
Being a reseller of manufactured homes, I would never advise a seller to finance unless the buyer has at least 85% down and just needs like 12-months max to pay the balance. If the buyer gets behind in payments, now the seller is playing the collection game. If the buyer defaults, now it's a costly legal battle to evict or foreclose which could takes months to do. If not experienced in doing this, the seller will most likely have to retain a lawyer. Even when fully completed, the seller may be faced with damages or other costly repairs in order to make the home marketable again. We won't even discuss back lot rents or back taxes which somebody has to pay. So not only are the sellers back to square one, but could potentially behind the eight-ball financially.
HI S. Kinnel, thanks for commenting, welcome to the community. You pose a great question, thanks for asking! The best way to go about this is to contact a manufactured home dealer who deals with new and used homes and also has a transportation service available to move the home. Most of these dealers either do financing in house or have a list of financing companies they work directly with. By contacting these folks directly you will be able to get a great idea of exactly what they offer and how they will be able to help you in your situation!
I tried to get a mobile home worth 150, on land lease of 1,000 and I didn’t qualify I make 45, a year and don’t have a car payment or any big payments.
The type of lender you apply to matters. For example, are you applying for a mortgage that's going to be amortized over a 15 - 30 year period, which can have a longer payback period, but with lower montly payments and maybe interest too. The result is that normally you can afford more this way, but it's usually paid off a lot slower. Who are you applying with for the loan? The dealer for new and/or used homes with or without land, a lending institution - like a bank, credit union, or finance company - or a private loan from an individual such as a seller/owner. When you buy your land always check on the laws, statutes, and any deed or zoning restrictions, which dictate what you can and cannot do with your land and home, now and in the future. When borrowing they'll look at your credit history, and your debt to income ratio. Different lenders who finance have varying rules and standards, but it doesn't hurt to ask about it and take a good hard look at your credit report, credit score, and debt to income ratio. These things matter as to whether or not you're approved for the loan, as well as your final interest. It also normally doesn't hurt to apply to two or three different places within a certain window of time, in order to choose your best offer for financing just like with a car. You need to ask a reliable source what that window of time is or you might have it show up negatively on your credit report, something you want to avoid if possible. Certain sources of loans and types of loans are easier to get than others, but it's good to always check out the history and reputation of any company that you want to borrow from for an important large purchase such as this. Some have a reputation as more honest and reliable than others, so do a search on them before signing! As always if you are denied a loan, you have the right to inquire about why you were declined. In many instances credit problems can be "fixed" or modified over time such as a year or two, by paying off or restructuring your debt and waiting a 12 - 24 months to apply again. You may be able to receive approval immediately for a somewhat less expensive model due to income and associated costs. Ask the lender you are applying to about this. My very best wishes to you!
Thanks for commenting, welcome to the community! In the situation you are describing it sounds like you would be making a real estate purchase due to the fact you are looking to finance a parcel of ground. With this understood, you would then add the home into the real estate purchase and put it all together in the same loan. Hope this helps!
HI Janie, thank you for commenting, welcome to the channel! Most banks won't do personal loans on mobiles with leased land once they find out the land does not come with the actual home purchase. However, this is just a general comment and by no means an all encompassing statement so if you are considering a personal loan then certainly speak to your lending agency to see what their rules are.
Thanks for commenting, welcome to the community. We are not totally sure on how to answer your question, could you please explain further what you would like clarification on and we will do our best to get you an answer!
@@themobilehomedealer I have land that had a mobile home on it years ago ,I was told I could use it as collateral to get a loan from champion or Clayton homes I’m wondering how much does the land need to value for this to be possible
Thanks for commenting, welcome to the channel! In Florida, title for a mobile home located on leased land is proof that you are buying the home from the person who legally owns the property. You will always want to make totally sure that the person who says they own the home actually does, in fact, own it. While there are other ways to verify title we highly suggest only buying a mobile home from someone who has the title in their name.
I found a good deal on a used mobile home in a park, a 2019. Got approved for a mortgage from both Triad and 21st. Triad wants 11% and 21st wants 13%. Ouch!!!
Thanks for commenting Brian, welcome to the community!
Now they asking up to 14%
I bought a new mobile home in a owner park and have a 3.5% FHA mortgage
Great info Mark. By offering a buyer a couple lenders to finance a home on leased land is huge. Even if it’s a loan on personal property. And owner financing is another great way for the seller to make extra money by charging interest. Great video..
Thanks Joe, always appreciate your input!
Triad and 21st will finance but they will charge a much higher interest rate. I have dealt with both and the interest rate was over 10%.. Some do have zero down programs available. owning your own land is a much better option if you can afford it. Zero down is an option on a traditional mortgage with home and land for first time home buyer that qualify.
Great information, thanks for sharing. Welcome to the community!
Triad Financial and 21st mortgage are two companies he say specialize in doing mortgages for mobile homes on least land
Thanks for commenting, welcome to the community!
Thank you. Very helpful.
Thanks for commenting Jlone, welcome to the community!
Great info. Thank you
Thanks HonkeyKong, happy you are finding value in our content, welcome to the community!
Thanks for the information
My pleasure
Great info just purchased a fixer up mobile home in a mobile park that was donated to the sheriff department was 20k but got it down for 15k cash still in the process off fixing it but i was looking for more information on how to sale it or finance it or even rent it out here in california next to a shopping center next door brand new houses in front of the mobile park would love for you to share more info on all that and evaluate more mobile homes
What a great find, way to go and welcome to the community! Regarding renting the home out, we would suggest contacting the park first to see what the rules are regarding your investment. Normally, they will be able to get you documents that state what the park will allow when it comes to renting a home out within the park. Once you have that in writing the sky is the limit! Congrats on the purchase!
@@themobilehomedealer thank you guys with the information you guys put out making my path more clear so i dont got to go thru those rocks
@@themobilehomedealer how can i ask the park without sounding pushy
Being a reseller of manufactured homes, I would never advise a seller to finance unless the buyer has at least 85% down and just needs like 12-months max to pay the balance. If the buyer gets behind in payments, now the seller is playing the collection game. If the buyer defaults, now it's a costly legal battle to evict or foreclose which could takes months to do. If not experienced in doing this, the seller will most likely have to retain a lawyer. Even when fully completed, the seller may be faced with damages or other costly repairs in order to make the home marketable again. We won't even discuss back lot rents or back taxes which somebody has to pay. So not only are the sellers back to square one, but could potentially behind the eight-ball financially.
Wow, great information Roy, thanks for commenting! What are of the country do you resell homes in? Welcome to the community!
Maybe one day I will be ready
Thanks for commenting-here to help anytime you are ready!
Great info!
Glad it was helpful!
Great 👍 topics brothaaaa thanks
You bet, happy to hear you found value in our content, welcome to the community!
What if you hard a hard loan with the land and haven’t missed a payment yet you want to get a newer mobile home to put on the same land
HI S. Kinnel, thanks for commenting, welcome to the community. You pose a great question, thanks for asking! The best way to go about this is to contact a manufactured home dealer who deals with new and used homes and also has a transportation service available to move the home. Most of these dealers either do financing in house or have a list of financing companies they work directly with. By contacting these folks directly you will be able to get a great idea of exactly what they offer and how they will be able to help you in your situation!
@@themobilehomedealer thank you
👍
I tried to get a mobile home worth 150, on land lease of 1,000 and I didn’t qualify I make 45, a year and don’t have a car payment or any big payments.
Thanks for commenting Rene, welcome to the community!
The type of lender you apply to matters. For example, are you applying for a mortgage that's going to be amortized over a 15 - 30 year period, which can have a longer payback period, but with lower montly payments and maybe interest too. The result is that normally you can afford more this way, but it's usually paid off a lot slower.
Who are you applying with for the loan? The dealer for new and/or used homes with or without land, a lending institution - like a bank, credit union, or finance company - or a private loan from an individual such as a seller/owner. When you buy your land always check on the laws, statutes, and any deed or zoning restrictions, which dictate what you can and cannot do with your land and home, now and in the future.
When borrowing they'll look at your credit history, and your debt to income ratio. Different lenders who finance have varying rules and standards, but it doesn't hurt to ask about it and take a good hard look at your credit report, credit score, and debt to income ratio. These things matter as to whether or not you're approved for the loan, as well as your final interest. It also normally doesn't hurt to apply to two or three different places within a certain window of time, in order to choose your best offer for financing just like with a car. You need to ask a reliable source what that window of time is or you might have it show up negatively on your credit report, something you want to avoid if possible.
Certain sources of loans and types of loans are easier to get than others, but it's good to always check out the history and reputation of any company that you want to borrow from for an important large purchase such as this. Some have a reputation as more honest and reliable than others, so do a search on them before signing! As always if you are denied a loan, you have the right to inquire about why you were declined. In many instances credit problems can be "fixed" or modified over time such as a year or two, by paying off or restructuring your debt and waiting a 12 - 24 months to apply again. You may be able to receive approval immediately for a somewhat less expensive model due to income and associated costs. Ask the lender you are applying to about this. My very best wishes to you!
How is it possible to finance a mobile home at the same time you finance land?
Thanks for commenting, welcome to the community! In the situation you are describing it sounds like you would be making a real estate purchase due to the fact you are looking to finance a parcel of ground. With this understood, you would then add the home into the real estate purchase and put it all together in the same loan. Hope this helps!
LOVE BROKERS ... what movie?
Thanks for commenting Christopher, welcome to the community!
What about personal loan?
HI Janie, thank you for commenting, welcome to the channel! Most banks won't do personal loans on mobiles with leased land once they find out the land does not come with the actual home purchase. However, this is just a general comment and by no means an all encompassing statement so if you are considering a personal loan then certainly speak to your lending agency to see what their rules are.
I am almost ready ANY Good deal out their ? CASH 40-50.000
Hey John, thanks for the comment. Happy to hear you are getting ready for your new mobile home purchase. What area of town are you looking to be in?
How much land does one need to put it up
Thanks for commenting, welcome to the community. We are not totally sure on how to answer your question, could you please explain further what you would like clarification on and we will do our best to get you an answer!
@@themobilehomedealer I have land that had a mobile home on it years ago ,I was told I could use it as collateral to get a loan from champion or Clayton homes I’m wondering how much does the land need to value for this to be possible
Equal to price of the home
I’m in Az do you sell mobile homes here
Thanks for commenting and being a part of the community-not at this time, no, we are focusing our efforts in Florida.
Would you recommend purchasing a mobile home from an owner who DOES NOT have the title?
Thanks for commenting, welcome to the channel! In Florida, title for a mobile home located on leased land is proof that you are buying the home from the person who legally owns the property. You will always want to make totally sure that the person who says they own the home actually does, in fact, own it. While there are other ways to verify title we highly suggest only buying a mobile home from someone who has the title in their name.
Hahaha! I know who you listen to....BELOW!
BS‼️
Thanks for commenting, welcome to the community!