chitown sledhead
New member
Im looking for a reputable lender to finace me on a $45000 single wide trailer with huge garage on a acre in Northern Lower MI . My bank wont touch it .Any one have any info???
thanks
thanks
financing for a single wide in northern MI???
- Thread starter chitown sledhead
- Start date
snow_monkey
New member
Try contacting foremost insurance. They hold the insurance on alot of units in Michigan. They have been a great insurance company for mobiles and sleds. I am sure they will lead you to the companies that hold the leins.
chitown sledhead
New member
thanks ill email them
Financing for mobile homes is virtually impossible. The best bet is to try to finance it through the company you are buying it from. If you own the land you want to place it on is a big plus. A local bank may be the only other option. That market has vanished in Michigan.
Dave
Dave
polarisrider1
New member
Foremost is the big time" trailer" insurer in MI. You should have enough to cover 20% min. Or good luck.
Last edited:
yamahauler
Active member
Why don't banks want to finance them? Is it because of them not holding their value?
Just curious.
Just curious.
snowdancer
New member
It most likely is because they do not hold value, BUT neither do new cars. The minute you drive them off the lot they immediately begin to depreciate. I really think it is unfair that banks can do that and undermine a whole industry that gave people jobs and wages, plus it was affordable housing for many people. I just don't get it!!
Yeah, but a bank can ship a repo car off to an auction and be out from under it in a week or so.
anonomoose
New member
Modulars are highly regulated by the government. They must be built to set standards, primarily because at one time there were no regulations and they were of very poor quality which definitely did cause them to lose value fast. Many municipalities either banned them from being put in their jurisdiction, or they specified roof pitches and electrical components that they knew would not allow them. Eventually the Government got into the act and made them toe the line and allow them into areas that previously were closed to Modulars outside of a park. This was also chiefly responsible for parks specifying that the unit had to go if it was a certain age and or had several owners....then out of the park they went.
The current problem is that for so long, the government sponsored programs to buy them have dried up....HUD, VA, FHA, etc....who did nearly all of the financing of these are losing funding....and the government is moving away from backing loans at light speed. They want out of the business.
So there is no funding for them unless you find a local bank or credit union who will fund it more based upon YOU rather than the unit, and even then the unit has to be up to standards, with certifications and the like or they won't do it either.
Many of the modern units are pretty darn good...and are definitely affordable compared to stick built which in some areas don't even measure up to those of the codes for modulars.
Meantime the market for these units continues to go away. Anyone who wants to check out some resale values can review the HUD website and county which they live and see what is happening with modulars there.
http://www.hudhomestore.com/HudHome/Index.aspx
These are HUD repos....and it tells the tale of where these things are going. I just talked to a broker in Mid Michigan who is buying these up after they lay on the market for awhile and is flipping them with land contracts....perhaps you could research some of these guys out and see if they would do a land contract for you on yours...they apparently are finding investors willing to do that.
The current problem is that for so long, the government sponsored programs to buy them have dried up....HUD, VA, FHA, etc....who did nearly all of the financing of these are losing funding....and the government is moving away from backing loans at light speed. They want out of the business.
So there is no funding for them unless you find a local bank or credit union who will fund it more based upon YOU rather than the unit, and even then the unit has to be up to standards, with certifications and the like or they won't do it either.
Many of the modern units are pretty darn good...and are definitely affordable compared to stick built which in some areas don't even measure up to those of the codes for modulars.
Meantime the market for these units continues to go away. Anyone who wants to check out some resale values can review the HUD website and county which they live and see what is happening with modulars there.
http://www.hudhomestore.com/HudHome/Index.aspx
These are HUD repos....and it tells the tale of where these things are going. I just talked to a broker in Mid Michigan who is buying these up after they lay on the market for awhile and is flipping them with land contracts....perhaps you could research some of these guys out and see if they would do a land contract for you on yours...they apparently are finding investors willing to do that.
chitown sledhead
New member
well said ^
i contacted acouple banks up in Gaylord and Mancelona. One responded and wants 40% down BS i have 25% but not 40% .This is going to be a getaway cabin. There nuts about the 40%...im going to ask about land contract...thanks all for the input....
i contacted acouple banks up in Gaylord and Mancelona. One responded and wants 40% down BS i have 25% but not 40% .This is going to be a getaway cabin. There nuts about the 40%...im going to ask about land contract...thanks all for the input....
Firecatguy
New member
LoveMyDobe
Well-known member
I agree
We bought 10 acres in NW WI to build our retirement home. Didn't want to pay the taxes for a stick built, so we did the "double wide". Guess what? Our taxes have gone up every year, they say our value of our property went up????? We also put up a 2000 sq ft "toy" building.
We bought 10 acres in NW WI to build our retirement home. Didn't want to pay the taxes for a stick built, so we did the "double wide". Guess what? Our taxes have gone up every year, they say our value of our property went up????? We also put up a 2000 sq ft "toy" building.
D
Deleted member 10829
Guest
Trailer home?
Would a trailer home be an option? They make some pretty nice trailer "homes" now, but you don't get the size of a double wide. It may be a good option until you're ready to build something better someday. Just a thought. Good luck, you must be excited!
Would a trailer home be an option? They make some pretty nice trailer "homes" now, but you don't get the size of a double wide. It may be a good option until you're ready to build something better someday. Just a thought. Good luck, you must be excited!
L
lenny
Guest
snowdancer
New member
The only problem with a land contract is I think they can charge you as much as 11% interest!! Hopefully they would not do this to you as you do have 25% to put down. I guess sometimes to make our dreams come true we have to pay more to get them,eh?
mezz
Well-known member
The immediate issue from the finance standpoint may be the selling price, $45,000 for a single wide mobile home on 1 acre is not appealing on the surface. What is the Year & Make of the home? How large is the garage? When was it built? Is it heated? Is there a Well & Septic system on the property?
Another consideration the banks look at is the insurance standpoint. You have to keep in mind you cannot insure the land. The reason being is because if you lose all of the structures on the property, you still have the land. The banks alway's want to insure "the loan" & without the land value covered this leaves the bank unable to get the loan value entirely covered by the amount of insurance coverage that you could feesibly get. If there is a well & septic on the property, these would have a combined value of near $20,000, perhaps thats why they want 40% Down ($18,000). Good luck on your venture, I hope it works out for you.-Mezz
polarisrider1
New member
The word mobile can scare a bank. Those trailers can disappear over night. For example you get Ticked at the bank you can move their" house". Expect at minimum to pay a used car interest rate at best. If your not in the high 750 to 780 credit score then forget it. Like Ramsey would say pay cash for toys. A mobile is a depreciable item. Hence a toy. The land is not. Most banks want the land paid for and used as collateral for the mobile. With tons of houses sitting empty the last risk a bank wants is another item with wheels under it.