5 Biggest TRUTHS About Manufactured (Mobile) Home Loans!

[@KristinaSmallhorn]

*What Kind Of Home Loan Do You Have?* _To Know More About Manufactured Housing Click Here_ ➡️ kzbin.info/aero/PLL2NpJzFd3bsMaKD2r5SSDmdurZoh-t6f

[@kleinstruction874]

@Dr. DancingLion's Healing Room Uh-oh.... maybe he skipped town 😀 LOL

[@HungryTrashPanda]

The important part is a manufactured home must go on your own land. Or you have to purchase the land and the manufactured home together, or you’ll end up being stuck with a high interest rate chattel loan.

[@USA-RIG-WELDER]

I've been approved for a a new double wide mobile home I own the loan and approved with 21st mortgage but they approved with a 25 year chattel loan what exactly does that mean thank.

[@danielmacias7630]

This is the most helpful video I have ever seen . I am new to purchasing a manufactured home and had no idea of what I can do . I have been told that they only approve the loans for 23 years and they charge $100 application fees. I am definitely going to continue my research but this has been a big help .

[@NickSakalis]

Great interview, This is definitely a Real Estate topic that should have more great videos made about it. Thank you for enlightening us on Manufactured Home Loans.

[@KristinaSmallhorn]

Nick Sakalis thanks for watching!!

[@NickSakalis]

@@KristinaSmallhorn I may not comment every time, but I never miss one of your videos. Keep putting out great content and I'll keep watching

[@ShoryoTombo]

This video got me at the edge of my seat! My husband, a retired vet and recently retired from school board and I are living in a very deplorable mobile home. We are looking for either having it remodeled and expand it or get rid of it and buy a new one recently been placed on the property. We love this community and don't want to go elsewhere. So we only have two options. I work for the hospital over nights and saving our money. The problem is when we went to 21st Mortgage we got turned down because of our credit utilization. Husband is 746 and I'm 690 right now. We also have the percentage to put down but don't understand what went wrong.

[@KristinaSmallhorn]

It sounds like you need to find another lender.

[@angelgirldebbiejo]

Ask them what the problem is, they loan to even people with bad credit which u don't have so u have to ask what the problem is. Credit utilization is i think how much credit you got out. Also as a side note you can trade your old one in on a new one.

[@sunshineforever8794]

@angelgirldebbiejo what do you mean you can trade in the old one for a new one? You can get paid to remove your old one? I’ve heard you have to pay to get the old one removed. Would you mind expounding on this? It would be great info! 😃

[@sheriszajna-mckeon9902]

Thank you both for sharing this very imformation. We are overwhelmed! We are planning to do a land-home package. We would like to have it considered personal property so taxes are lower. Would you consider doing an episode on the attachment difference between that and modular... and what, if any, loans are available to people in this category. Is it better financially to attach it permanently in the long run? We are in our 50s and want to retire on 1 to 2 acres in the country in Pennsylvania. Any help you can provide would be incredibly helpful.

[@beng9411]

Ok, thank you VERY much for this video! Im dealing with this right now and this was incredibly informative

[@KristinaSmallhorn]

Ben G I’m glad this had been helpful. It’s really information that can really empower you to make the smart financial decisions.

[@LilBit5511]

Hi Ben how did your process end up working out ? We are currently dealing with this now and could use some more tips

[@PrettiBoiMicah]

What happened next Ben?

[@rockbottom582]

Everyone should watch Never Buy A Clayton Manufactured Home on KZbin

[@joesapienza8121]

Thank you so very much Kristina ! ... You always manage to knock it out of the park with your informative and point on videos ! ... You Da best ! 💛💥🌻🌺💐🌼💛

[@KristinaSmallhorn]

Thank you so much!!

[@joesapienza8121]

@@KristinaSmallhorn 💛💛💛

[@dantheman9395]

Always informative! Also congratulations on cracking 43k. YREW crew

[@KristinaSmallhorn]

Thank you my favorite Dan da Man!!

[@dantheman9395]

Kristina Smallhorn ❤️❤️ stay safe as well. Let me know when you can that y’all are safe

[@donkeyballs3307]

A bank considers a manufactured / ,modular home ,same thing to the bank ,they are considered worthless to the bank after they are 20+ years old

[@dixiegirl999]

Thanks for the info. I have not lived in a trailor/manufactured home in ages. I'm about to sell our house in the city beginning of next yr & buy some land & a manufactured home. Of course, I will be paying cash that I get our of my house.

[@KristinaSmallhorn]

Best of luck to you! Cash is KING!!

[@Machenziethemodel]

I was pre approved for FHA but then I told him I want a mobile home and he told me no bank is going financed a manufactured home. I had to go to a mobile home sales site. Thank you for the info.

[@tb1235]

You just have to find the right lender. They weren't being truthful.

[@poquitodefe]

I have gotten fha on a single wide home

[@thebobsmith1991]

@@poquitodefe hi. What state was that in?

[@originalclassics]

I was approved on a double wide mfr fixed to a concrete slab. its from 1978.

[@poquitodefe]

@@thebobsmith1991 Georgia

[@shuga1313]

Awesome video ! This was well given and well needed information ! Thank you so much

[@KristinaSmallhorn]

Thank you so much!

[@Arizona_lilly]

I’m I. Arizona 90% the parks here are for the 55+ I am 20 years away and truth is there’s very few that are all ages and families which is awesome all the parks r very well and kept the ones w a community and with a lot rent which is all we have here there is no more lane maybe 1 hour away but . Best to try to pay tbese off 10-15 years We don’t want a old home anyways guys 1976 is old but if it’s still doing well awwsome

[@sdcaeastcountyfamily]

That was incredibly informative. Thank you

[@caroltrimble7022]

We purchased a manufacture home 23yrs ago and put it on 3 acres of land we had home insurance on it suddenly they canceled our house insurance because 😊they said it's a mobile home we never had to use our policy but they claim they thought it was a built home

[@jozeflak1868]

Great info thank you so much it's hard to find honest lenders

[@KristinaSmallhorn]

Glad it was helpful!

[@patriciamiller5262]

I just started watching your KZbin channel. I enjoy listening at your information . Thank you

[@ShellSellars-Smith]

Thank you for doing these posts. Love your content. I wish I felt more comfortable in front of the camera and I could do these. I just get so caught up and panic when I watch my videos that I never post them! ;0)

[@topofmindwithterri]

For Resident owned / Co-op parks, there can be a "buy in", which is the amount you need to give the park to buy the land. The loans discussed in this video sound like they are only for the structure.

[@lumpialife]

Great great video and info! I'd love to know more about using the VA loan for a manufactured home.

[@LooksNCharm]

Thank y'all for the info.

[@stevenperez6871]

This is a really informative video. Thank you both for your time. Small correction: As of May 2021, cash-out refinancing cannot exceed 65% of the loan-to-value and the term must be less than or equal to 20 years.

[@KristinaSmallhorn]

This video was made a while ago so, yes, things have changed. Thanks for the correction.

[@thebobsmith1991]

@@KristinaSmallhorn thank you

[@StephanieJoRountree]

Very educational, Kristina. Thanks for sharing.

[@KristinaSmallhorn]

Glad it was helpful!

[@annamariethompson116]

There's a clause to borrow w/ out penalty on your 401k to built a home!? I learned something, would've even guessed you could do that,.Thank You for All the HELPFUL INFORMATION You always provide.

[@KristinaSmallhorn]

Thank you!! It was new to me as well!!

[@petemontoya159]

Thanks again, you give great videos with a lot of information. Love your videos.

[@KristinaSmallhorn]

Thank you so much for watching.

[@YoungVell513]

Great interview. Very informative

[@moebanshee]

What nobody told me was I was renting a lot to put the house on and my interest is through the roof I'll never pay this house off because I don't own the lot and I can't get anybody else to finance it but this shyster group so by the time I'm done paying this house off I'll be dead 20 years.. you have to own the land that the manufacturer house is on or nobody is going to insure you a Except people you're buying the house off of.. triad

[@eddiesmallhorn4021]

I thought it was harder to get a loan on a manufactured home then it is.

[@KristinaSmallhorn]

It doesn't have to be!!

[@EricaL2024]

We got a usda loan 10 years ago. I’m in NC. Ours was for 30 years.

[@Betaspost]

@@EricaL2024 through what company

[@reinaldomartinez13]

@@EricaL2024 yes please explain

[@kentblack1507]

Does it have to be attached to cement or something? Would normal tile downs and a pad qualify?

[@yenti2005]

Would it be feasible to combine the financing of both the mobile home and the land into a single loan? Are there any advantages or disadvantages to doing this? Additionally, how might this impact the monthly payment amount?

[@mariavelasco6131]

Gold information . Gracias

[@The_Kayak_Guy.]

I’ve not found a single lender who gives current federal rates for prefabricated or manufactured home. All of them offer loan shark rates of 8% or higher. Unless you have nowhere else to turn, I’d run from these rates.

[@lindamatteson3189]

Kristina, thank you for your informative videos. I would like to know how the VA loans work as far as down payment fees etc. Is it the same as FHA?

[@KristinaSmallhorn]

They are going to be a little different. You will have to meet with your local lender to see what your specific fees will be and also inspection requirements.

[@SynthiaDenise]

What an information Video - Thank you guys so much. I'm actually in the process of obtaining my MLO and I was just curious about these types of Loans. New subbie!

[@KristinaSmallhorn]

Welcome to channel 🙋🏻‍♀️.

[@parker1ray]

What about if your credit score is 820, and you pay $125,000 down?

[@columbuspalmer846]

Can you get a manufacturer home if your only income is your social security?

[@kikesfreedom4945]

Swear I love her energy

[@mirandabaugher1436]

What if it's on rented or leased lot.? Will that be a whole different loan and not a mortgage.?

[@bcsbcs1340]

Question: what is the most important thing to get the mobile home top price during the appraiser home? Size, age, location? Can u please give me hint? Trying to invest in a local booming mobile home community.

[@tedbragg74]

Two things holding me back from buying: 1) can only qualify for a $28k mortgage, and 2) the 7’ ceilings are a wee bit low. Aside from Solitaire, who else manufactures homes with 8’ ceilings? That don’t cost a fortune? Almost landed a cheap 8’H portable classroom but county regs won’t allow converting to residence. 😖

[@kentblack1507]

We are thinking of buying a manufactured home and placing it on family land owned by my wife’s parents . They do not owe anything on the property. Would new be able to qualify for a Fannie Mae or FHA loan? Should we put it on a permanent foundation for better rates. We will have a 50% down payment at least maybe more.

[@karlguntherfragstein4225]

Make sure you are given the HUD 55014 form, and MHD 1124 form before you move into your new manufactured home. Here are some Federal regulations, rules, standards, requirements for new manufactured homes 42 U.S. Code Chapter 70 24 CFR Part 3280 24 CFR Part 3282 24 CFR Part 3285 24 CFR Part 3286 No FHA, Manufacturer, Retailer, or Salesperson will inform you of these codes mentioned. Also before buying a new manufactured home ask the retailer for the Driver Retailer Checkout Document. It is required by law that upon delivery of the new manufactured home that was transported to the Retailer lot from the manufacturer factory. The Driver and Retailer inspects the new manufactured home for damages and documents the damage. Per section 42 U.S. Code 5414 the manufacturer shall notify the purchaser of any defects and damages prior to the sale. I did not know this until 2 months after the new manufactured home was delivered to my property. On HAMILTON HOME BUILDERS DRIVER/ RETAILER CHECK OUT FORM. It was reported Torn underbelly, 3 missing tires, 1 broken axle, furnace wire wrapped around the axle, damaged breaker box panel, and STILL CHECKING was reported . Would you buy this new manufactured home if the manufacturer would have notified you? Beware of corruption in the manufacturing of new manufactured homes.

[@zuhawk15]

great info! I'M HAPPY I FOUND YOU.

[@maxmanzo2746]

What loan do you recommend for financing both land and manufacture home?

[@elmaropajuelo9308]

CN I buy a mobile home like duplex?

[@makaylaboyd6924]

Hello! Question! I live in California… I know… BOOOO! I am wanting to purchase a new modular home but put it on my parents land. Is that a problem? Could I still finance it??

[@KristinaSmallhorn]

Hi there! Purchasing a new modular home and placing it on your parents' land can be possible, but it might involve some considerations. Here are a few things to keep in mind: 1. Zoning and Regulations: Check with your local zoning office to ensure that placing a modular home on your parents' land complies with zoning regulations and any other local requirements. 2. Land Ownership: Ensure that your parents' land has clear ownership and that they are willing to allow you to place the modular home on their property. 3. Financing: Financing options can vary, but many lenders offer loans for modular homes. It's essential to explore different lenders and loan programs to find one that suits your needs. 4. Insurance: Be prepared to discuss insurance options for the modular home, which may be different from traditional home insurance. 5. Legal and Tax Implications: Consult with a legal professional or tax advisor to understand any legal or tax implications of this arrangement. Ultimately, it's a good idea to consult with a local real estate agent or financial advisor who is familiar with California's specific regulations and can provide guidance tailored to your situation. Best of luck with your modular home purchase!

[@Shaykre19]

Thank you so much for this video 🙌🏽💜🙏🏽!!

[@hardwoodharry6364]

I absolutely love learning from you

[@KristinaSmallhorn]

Thanks Harry!!

[@raskasha]

If a person is self employed can they use their tax return as a proof of employment, or can you only get a loan if you actually work for someone else? Thank you for all the great information, and also the funny videos! God bless!

[@KristinaSmallhorn]

You will have to check with your local lender on how they would handle your particular situation. I know self-employment loans are the most difficult but if you are claiming all your income without a ton of write off you should be able to get approval.

[@kleinstruction874]

My mother owns a manufactured home on her own land, it's paid off, but she cannot get a reverse mortgage or borrow against the equity because lenders turn her down when they find out there is no concrete slab or concrete foundation underneath. It's a dirt crawl space with skirting. Tag says home was built in 1986. Why can the home be bought and sold just the same as a "real house" but not be eligible to loan against when it's permanent and paid off? Secondly, is it even possible to cement the crawlspace floor? What can she do underneath the house to satisfy lenders? Thank you for your videos!!!! 🌟🌟🌟🌟🌟

[@silentguck57]

I'm new to buying a manufactured home. I have no clue on buying a home. I'm renting an apartment currently but come next march I want to have my own home. My question is how do the loans work for homes? I get there are different kinds of loans but which one is right for a single person? Do I just need to shop around?

[@dgraves8407]

I was told by Td bank in order to get the loan manufacture home they would need to put a lean on my land is this true I am putting 20 down and the manufacture home is 190.000

[@clanaoaarmyofallah2557]

$190k bruh where in the world you buying that from?? And what type of mobile home? , a mobile castle?? Thats the actual price of a real brick house. Crazy.

[@tempemail5337]

Is this price for double wide?

[@OrganicBombshellBeautyProducts]

I thought with a manufactured home being financed you needed more than 3.5% down. I’m in Phoenix, Arizona and I have been having a hard time finding a lender who works with manufactured homes.

[@paniku23]

Do you have any updates on your search? Live in Scottsdale and are looking around the Phoenix area

[@rogerlopez1745]

21st mortgage corporation does

[@zanesutherland406]

This is great information!

[@KristinaSmallhorn]

Thank you.

[@lkroad2442]

Great info! Thank you!

[@armandomaravillaramirez6732]

Quick question, and if you have a video about this please let me know. Does it matter if the trailer park where you've purchased your manufactured home is sold? What should someone in this type of situation know before hand? Thank you.

[@LOWKEYDANGER]

What about down payment assistance?

[@mariamonshae2711]

How long does a foreclosed manufactured home affect your credit?

[@scorpion777silvermoon3]

But don't they have to be attached to cement?

[@1Life2Live007]

They have to be on some kind of foundation I THINK. beams, concrete something that’s not moveable. Double ck that but I’m pretty sure

[@tb1235]

They are tied down.

[@Tiersmoke92555]

Can you update with him given the new regulations and climate

[@hfarthingt]

Manufactured home was moved twice...basically becomes worthless? No one will lend. Found portfolio lender that will, but worried we won’t be able to refinance or use property equity to finance a new home/construction ...should we move on from this property?

[@michelledunn6628]

Hi Kristina, very helpful info. I am in San Diego. Can an immobile manufactured home as investment property be able to get any regular loans?

[@davidrhodes1287]

Hi there I am currently living a older manufactured home with a room addition it sits on an acre of land. It has been remodeled all the way through. My landlord has offered to sell it to me at a very reasonable price especially in today's market. I have been told I can't get it financed because it has under pinning. It sounds like you are saying that is not the case

[@PrettiBoiMicah]

Very informative; Thank You😊

[@cafetalkunfilteredtruth6469]

Hi Kristina, I really learned alot from this video. It was very informative. I wanted to know, If you knew what would be the best way to get a package loan; if you need to clear the land, as well as obtain a well and septic tank? Thanks.

[@KristinaSmallhorn]

Each state will have a different package loan. Here in Louisiana they would do what they call a “new construction” loan first and when it was completed they would roll the loan into a FHA or Conventional loan.

[@joannadephinelim9445]

Not every manufactured home eat by termite some houses can last for long term.

[@Mac_RacingKarts]

Trying to get a mobile home loan and banks asking for over 10,000 down. Not doable

[@ManufacturedHousingExpert]

Great video!

[@KristinaSmallhorn]

Thank you.

[@ashleydanielle6355]

I can’t find anyone to do cash out refinance. It’s a 99 model and a doublewide. Everyone we call says no! 😖

[@TrickleCreekFarm]

I'd like to learn more about twice moved manufactured homes and the loan options there. As I understand only VA is offering the option for financing those. What more can Paul share about these?

[@kleinstruction874]

I hope your home hasn't been moved to a different region of the country that differs from the environment the home was built for. The build sheet on my mother's house shows a U.S. map with zones and regions of the country they used to calculate the wind resistance, weight of snow load the roof will support, and the lowest temperature the furnace and insulation are capable of keeping the home comfortable. I hope this helps you or anyone else.

[@TrickleCreekFarm]

@@kleinstruction874 Thank you, that's an issue I hadn't considered, but no, it was within the same region. Further, I am learning many of the transporters are no longer crossing state lines as the fees and such end up making it cost prohibitive.

[@xxheadshotxx5562]

So if is just an investment property you can’t rifinance the property?

[@ryanzweng2659]

This is great thank you

[@theopkingdom3433]

Kristina- who do I see to help me find the best loan? A mortgage broker?

[@KristinaSmallhorn]

the op kingdom yes, meet with at least three and compare what they are offering. I find that local lenders have the best mortgage packages.

[@ackack612]

To be clear, because it's anything but, mobile home and manufactured home are one and the same in listening to you... yes or no?

[@KristinaSmallhorn]

Mobile home is anything built before 1976 that had no regulation or building code. A Manufactured home are built with building codes by HUD after 1976.

[@missb6064]

I need a 3-4 bedroom in Florida

[@TicklerDude]

I need a 12BR/10BA mobile home in West Virginia

[@Robertjsmithforhire]

I am finding conflicting information about the Max FHA loan amount for a multi-section manufactured home. I saw somewhere around $93k for home AND land, but then I saw somewhere else that said they can go up to 85% above that based on the area. This would mean it would cap out around $172k. Are these figures accurate and how does this play out? Thanks!

[@Godivahair]

Does Paul work with people who resides in California?

[@devilboykillz]

what all places can u get a loan threw for a modular home. I went to clayton and they tried to hit me with a 11% interest rate.

[@1Life2Live007]

What are the guidelines on the skirting around the mobile home? With the FHA loan.

[@Doc1855]

It’s hard to finance a manufactured home if it’s more than 20 years old

[@tracybehney7568]

I have excellent credit large down payment and 21 st century said they can only give me a morgage rate of 7.3% as the lowest. The property is owned by family. Should I try to get the land in our name and then finance it with another morgage company to get a lower interest rate?

[@shanannahgins]

I need to find financing for a single wide on its own property for 10 years. Are there any options? Basically I want to finance the land and the home is just a bonus while we pay the land off to build.

[@Arizona_lilly]

So beautiful the porchb

[@extreme696969]

Thanks for the information.. question...i still have a mortgage payment in my 1 acre property, half is empty and have this idea of trying to get a mortgage for a manufactured home and used ad a rental property..any thoughts? thanks..

[@kleinstruction874]

I wondered the same thing, somewhat similar. I don't see a reply to your question and as a building inspector, the financing is only half of your homework. You need to talk to the Building Department of your municipality and see if they will allow two homes on one parcel of land. Also, how would the Post Office assign an address to a new house appearing? Just my two cents 👍.

[@tjtj6540]

Thanks guys 👍😁

[@fireheartis1]

Can you get a FHA loan if your land is free and clear, but the Manufactured home isn't on the land yet? Also what exactly is an orgination fee?

[@dericdinh9926]

what are the fees associates with manufactured homes such as land lease, propert taxes and etc..

[@KristinaSmallhorn]

Land leases will vary as well as property taxes according to the area you live.

[@rosendomederos4125]

Hi enjoyed your video. I am in the process of buying a manufactured home in Live Oak. What type of loan is needed to purchase from the dealer seeing that their banks have higher percentage. I own my land. Need some advice. Thanks

[@dalebailey754]

That helps a lot. I have family land that will be deeded to me, so I should qualify for an FHA loan. So, you are saying I will need 3.5% of the total loan, which will include septic other utilities, HUD foundation and site prep, etc...? Or, is it just the cost of the house?

[@poquitodefe]

You need to apply for financing through the manufactured home dealership since you already have land.

[@thedjdaytrader]

Just wondering if you can get a FHA loan for a new manufactured home and the land for it to be placed on or only places homes?

[@feixing8939]

I am really interested in a farm land but there is an only mobile home on it and we want to use it as the primary residence. I have not had luck finding such kind of loan. Do you have any suggestions?

[@alicecoppers8980]

So if I’ve had silver and gold coins saved for over 20 years I could not use that as a down payment?

[@GenevaSolvayRailroad]

In my loan paperwork it seams that I will close then they build is that correct and when do I start paying for the home right then or when I take possession. Than you

[@im12runb4trouble]

Do your research and find out who owns the land your mobile home is going to be on. There are nightmare companies who own mobile home parks and you have no control over lot rent increases low maintenance being kicked out for breaking any of there rules on the lease you will have to sign. Some places allow no parking on streets just in driveway and that includes friends or whoever. they will have to park outside of park or at designated area and walk {maybe blocks } to your house or car will be towed away. If there is an emergency there will be no one to call or rather will not answer phone. Just have a recording to leave message and they will get back to you. Anyway just be careful where you move. I think these guys are o.k. because at end of video they said this was for putting one on your own land.

[@sundancesoza2575]

So I'm saving my money so as long as I have my check stubs is that considered mattress money?

[@jaynebennett8398]

Can you get a loan to purchase a used mobile home from a private owner? Or only from a retailer/manufacturers?

[@jamesbeshears2283]

I am looking for a mobile home. I can qualify for an FHA loan and can put 3.5 to 10% down. I have explained my situation to several dealers in my area but the dealers keep running me through there lenders and i am being denied. Is there anyway I can go straight to FHA and get approved then go shopping?

[@KristinaSmallhorn]

You can go to the FHA website and find the link to “Find me a lender” and they will connect you with someone to help you.

[@rebeccadees2300]

What if you buy a used home that has to be moved to another location?

[@lakeyshacoles9513]

Can you do a wrap on an fha to pay 0% out of pocket at closing?

[@ricardocordero676]

I need some advice, I and my wife have been in the process of doing a loan with an Oakwood single wide through Vanderbilt, everything was going well up until last Friday. Vanderbilt all of a sudden told us we have to own our land and we were not told this beforehand and the salesman made told them we owned our own land, like no one told us this. Now it looks like a family member will have to co-sign for us. We have no choice but to pay Lot Rent, we do not own our own land. I need some explanation on this and what's going on here? I believe this Loan is a Conventional Loan, I tried FHA, and they won't work with me?

[@KristinaSmallhorn]

You will not be able to buy the homes with an FHA loan if the land isn’t part of the loan. You can do a new construction loan with the land and the home together. I know this may not be want you want to hear but I would start over with a new company and sales person that explains the whole process with you. This sounds like a bait and switch scenario you are in now. I’m interested on what interest rate they are offering as well.

[@ricardocordero676]

@@KristinaSmallhorn Interest rate is 8.25%

[@ricardocordero676]

Thank you for your advice, I am doing what you suggest.

[@tb1235]

@@ricardocordero676 8.25%? Yikes