(Note: I've received many questions from people about mobile home and/or real estate investing. From time to time, I will post the ones I find interesting/relevant. If you have a question, feel free to send it in. Thanks!)
Q: Do you know of any lenders who lend on used mobile homes? If so, do you know their criteria and/or qualifications?
A: In this economy, it's really hard to find lenders who lend on used mobile homes. There are some that used to lend but are not in the business of lending anymore with used mobile homes.
Most of the lenders who are in the mobile home business today usually lend on new homes. These are the ones who tend to work with the big mobile home dealers - their credit score requirements are quite high, require higher down payments and in most cases interest rates in the double digits from what I've seen and heard.
If you're looking for a lender for used mobile homes, other options are private money and/or hard money depending on what your needs are. Otherwise, having cash in this economy is the best way to go unless you try to buy with seller financing.
Happy investing!
Thursday, February 25, 2010
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