Personal loans generally carry a much higher interest rate than mortgages. Hopefully he is just using this as a bridge loan until he can line up a better loan.
As others have said, if there's truly a law against banks loaning money for mobile homes, the bank should easily be able to quote the specific section of federal law where this is stated. Of course there is no such law.
However, a little research shows that Dodd-Frank regulations have caused many lenders to exit the mobile market basically because it is unprofitable, particularly for smaller loans. Dodd-Frank limits the amount of the loan origination fees a lender can charge to a percentage of the loan value, making small loans very unprofitable to issue. Remember, most lenders make ALL their money on loan origination because they sell the mortgage on the secondary market.
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Today's Featured Article - Weldin Basics, Part 3 - by Curtis von Fange. Oxy-acetylene Welding - Part One In our series on welding we have taken a brief look at AC and DC arc welding along with basic techniques and safety equipment required for safe usage. Since our premise is to cover welding types that might best be used on a farm environment we have kept our overview purposefully simple and general. The second type of welding that this observer finds quite useful in
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