The truth is financing for mobile homes is difficult to do. Most lenders do not like to finance mobile homes. This is whey seller financing is so prevalent.
However, if a bank were to give financing you will usually see:
- Lenders giving 60% or less of the value of the property and even 50% or less if the home is in a park without land.
- Homes older than 1980 will be more difficult.
- The down payment can be seller financing but most lenders will require a large amount as cash.
- The interest rate of mobile home financing will be between 8%-12% for excellent credit.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125