What Banks Loan On Sarasota Mobile Homes?

What Banks Loan On Sarasota Mobile Homes?

What banks loan on mobile homes that are located on leased land in Sarasota, Florida?

Is it even possible to obtain financing for a mobile home when you are buying the home, but not the land as well?

We were recently confronted with a Buyer who was interested in several of our listings. This buyer had gotten park approval from several local parks in the Sarasota area, and was looking to purchase a mobile home using traditional financing instead of making a cash purchase.

After working with the Buyer for several days, showing them nearly a dozen properties, we finally were able to narrow them down to the one they wanted! I decided to contact the loan officer within the lending institution that the buyer was using to see what I could do on my end to help with the loan process.

Here’s what I found out.

Lending is very hard to come by on a mobile home where the land does not come with the home.

Mobile homes with leased land in the state of Florida are viewed and taxed as personal property, not as real estate.

This is the exact way a vehicle is taxed as well.

Lending agencies will not lend on any mobile home that is older than a 1976 model. The reason why the year 1976 is such a big deal in the mobile home industry is because in that year, HUD came into the manufactured home industry and began adding regulations to all mobile home manufacturers making sure that they all built the homes to a set safety standard.

Mobile homes that are older than a ’76 will need to have both, a home inspection and a mobile home four points inspection completed prior to the funding of the home.

The Buyer identified a home that was older than a ’76 andahead and ordered the inspections that were required by the lending agency. Upon the completion of the home inspections, there were a handful of repairs that needed to be addressed in the report. The lending agency required that the buyer have these fixed and provide receipts and photos showing that the work had been done. This agency stated that even after the repairs were done and proof showing them that they were done, they still may not land on the mobile home as the home had previous damage.

So, is funding for mobile homes on leased land available through traditional financing options? Yes it is, but get ready for tons of hoops to be jumped through in order to obtain financing. And even if you are able to do all of this, the lending agency may not fund on the home in the end. Guys, this is Mark Kaiser with The Mobile Home Dealer and we help mobile home buyers and sellers get to a better place in life.
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