Posted by MarkB_MI on January 22, 2016 at 04:21:07 from (198.208.251.21):
In Reply to: Mobile home purchase posted by gary from muleshoe on January 21, 2016 at 17:15:49:
I seriously doubt there's any law that specifically prohibits a lender from loaning money for purchase of a mobile home. After all, banks lend money for plenty of risky items: boats, airplanes, RVs. But I'm sure there are restrictions as to what sort of mobile home FHA will guarantee the mortgage for. The link posted by PJH gives good information. This isn't really government INTERFERENCE; there's no law that say you HAVE to have an FHA-backed loan. Certainly if it's a new home the dealer can arrange financing, otherwise they wouldn't stay in business long. So I have to assume your son is trying to get a loan on a used mobile home, and I'm guessing it isn't sitting on a lot right now. If he can get it moved to a lot he owns, gets it set up with utilities, water and sewer, I'll bet it will qualify for a mortgage. The question would be how to fund the initial purchase and setup, which would be similar to a construction loan.
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