Posted on: 18th Mar, 2010 11:36 am
I have a modular home on a permanent foundation on 1/3 of an acre of ground inside the city limits in Lehi, Utah. The home is hooked up to public water, sewer, electricity and gas. The home is in excellent condition. I have it listed for sale. When buyers come the are having a hard time finding financing. Where can a person find financing for a pre 1976 modular home?
Mobile homes build prior to 1976 do not qualify for loans. Lenders are not ready to give loans as they are concerned about the life expectancy and quick depreciation of such homes. You can ask the buyers to go for personal property loans in this case. They may contact the retailers who sell mobile homes in order to get such loans. However, such loans are available at a higher interest rate.