Loan for mobile home?

[Bolties]

What's a ballpark figure for spaces there? both empty and w/ a mobile on it. I was thinking about checking them out on Thursday while I'm up there getting the boat service done, just seeing if it's worth while. thanks
They have one for sale w/ a park home on it for $149K, the lots vary by price depending on size, some are at $129K right now.

[sigepmock]

What's a ballpark figure for spaces there? both empty and w/ a mobile on it. I was thinking about checking them out on Thursday while I'm up there getting the boat service done, just seeing if it's worth while. thanks
There a few phase I lots for $55k, the second phase lots are $75k and up, there's one with a park model type travel trailer on it for $88k or so and then the rest vary by size and how much is built on it. Definately worht stopping and taking a look. Some are through the park but the better deals are through private sellers, look for the for sale signs on the lots.
Chris

[Todd969]

a correspondant lender for IndyMac?
That's interesting, so you get it from some broker who claims they can get it if it's approved by and sold to Indy? Just curious.

[Restless22]

I am on the retail lending side. Here at Chase we offer a heloc no closing cost, Prime up to 80%, Interest only with lock option.... :220v:
I would do a 2nd on your home so you do not have to deal with getting a loan for a mobile home. They are a pain in the ass to get.

[SoCalSouthpaw]

So I had no idea that NOBODY seems to do "single wide" mobile home loans anymore. This is crazy. I even offered to put down 25% and the best they come up with is like 10% interest! What a rip-off I have talked to like 30 banks. They claim that since it is a secondary/ vacation home they kill you on interest. Help please.....
:idea: Maybe recycle a few more shopping cart loads of aluminum cans. :idea:

[slovolvo]

I am a manufactured home dealer, so I can answer a few questions. In regards to why it is so hard to finance park models, it is that park models are like big travel trailers, must be less than 399 sq ft, and are registered through the department of motor vehicles. As such, their construction is not regulated by HUD, which makes lenders nervous. Also, their resale value is (generally speaking) not very good. Single wides can be a bit of a pain too, in fact I don't even sell them, but I can help you get it done. If you still haven't found a solution, send me a PM and I will get you in touch with some of my lending sources.
-Paul

[HM]

a correspondant lender for IndyMac?
That's interesting, so you get it from some broker who claims they can get it if it's approved by and sold to Indy? Just curious.
No, they fund in their own name. Then 30 microseconds (or faster) after the loan funds, they sell it to IndyMac. It is pretty common. They underwrite to IndyMac guidelines (or who ever) and have contract with them to sell it to them on the secondary market. Most lenders offer some kind of program (say country wide - there are only a few thousand correspondant lenders for them) that they correspondant lend for. They are participating in the secondary market, but have contracts with specific lenders. They don't make as much on the sale in the secondary market when they contract this way. But there is an extra .75 - 1 point for funding this way(over and above the yeiled spread). Some of these guys have retail arms and don't have to disclose any yield spread as it is all aquired on the secondary market. These are some of the people that claim that they give you "no fee and no cost" loans and don't have to disclose they are making 3-5% yield spread in the secondary market, many times with little to no risk due to correspondent contracts.
I plan to go correspondent by year end. I will fund in my name, then sell them faster than Kim Hanson can down a 24 pack of molson. I am not interested in the additional profit (but will take it), but am interested in removing more variables of the loan process for my clients, especially at month end. Ever have a loan guy tell you your loan should fund today?...but it doesn't?, then tomorrow?, and then tomorrow? I hate that too as a broker. So, by funding my own loans, this process will be very controlled as I just walk into the next room and stab the underwriter in the neck with a pen. J/K Our underwriter won't be overloaded with loans from 10's to 100's of moronic brokers and will be able to focus on the loans we have and fund them as we promise.

[Jrocket]

HM,
Always has the angle,Amway rep #1.

[HM]

HM,
Always has the angle,Amway rep #1.
LOL...only, now I make money. And don't recruit people into a business that recruits people into a business, that ....well, you get the picture.

[Jrocket]

LOL...only, now I make money. And don't recruit people into a business that recruits people into a business, that ....well, you get the picture.

Sweet...now stay away from those rough chicks and you'll be just fine.