Posted by JD Seller on January 21, 2016 at 18:18:02 from (208.126.198.123):
In Reply to: Mobile home purchase posted by gary from muleshoe on January 21, 2016 at 17:15:49:
There is NO law against it but most banks have not loaned money on USED mobile homes in the last 25-30 years. IF they do loan money on a used mobile home they will want traditional down payments, meaning 25-30% of the purchase price.
Most bank examiners frown on loans on mobile homes and doublewides. So that makes the banks not want to loan on them. Why do some thing that has a higher risk and causes more head aches?? I was on a bank board for ten years. I do not remember a single loan on a mobile home.
You can get financing on new ones fairly easily but not on used. That is one reason the used market is so terrible on mobile homes. You can buy a new one with less of a down payment than you can a used one worth half as much. Since many people only look at the payment not the total cost they go for the new over the used.
Here are some numbers to show what I mean.
"NEW" 10% down payment. So you can buy a $50,000 mobile/doublewide for $5000 down payment. "USED" 25% down payment. $25,000 mobile/double wide would have a down payment of $6250.
The math would show the used one is a cheaper deal because of a much lower loan amount, including principle/interest, but the majority of buyers would go with the new one over the used because of the higher down payment on the used one. Also in the past when the low down payment home mortgages where common you could have $5000 and buy a $100,000 house. So some would go with the "new" mobile/double wide but few would buy the used ones.
The majority of used ones are usually paid for without much of a loan. So that limits the dollar amount of the value.
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