Posted on: 11th Aug, 2010 04:55 pm
I am a real estate agent that has a 1985 mobile home for sale. It has been on a permanent foundation since 1988 and is considered real property by the county.
The problem, according to Bank of America, is that it was moved from a prior location to it current location and thus makes it ineligible for a loan.
Will any lender loan money on this home, or is the seller screwed.
The problem, according to Bank of America, is that it was moved from a prior location to it current location and thus makes it ineligible for a loan.
Will any lender loan money on this home, or is the seller screwed.
Hi djdunkle!
Welcome to forums!
If the property has a permanent foundation now, then there shouldn't be any problem for the sellers to qualify for a loan. If Bank of America is not offering a loan, then the sellers should contact other lenders in order to get a mortgage. If they have a good credit score and stable financial situation, then the lender will give them the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property has a permanent foundation now, then there shouldn't be any problem for the sellers to qualify for a loan. If Bank of America is not offering a loan, then the sellers should contact other lenders in order to get a mortgage. If they have a good credit score and stable financial situation, then the lender will give them the mortgage.
Feel free to ask if you've further queries.
Sussane
Haven't found a lender yet that will do so. I'm still looking. Anyone know of a lender?
Is it a mobile home or a modular/manufactured?
If it is a true mobile home you're going to have a real hard time finding anyone to lend on it.
If it's a modular or manufactured and lender who does FHA loans should be able to help you.
If it is a true mobile home you're going to have a real hard time finding anyone to lend on it.
If it's a modular or manufactured and lender who does FHA loans should be able to help you.