Why are single wide homes hard to finance?

I found acreage in a location I love, but no one will finance me b/c a single wide sits on it!!


I have tried dozens of lenders who practically hang up on me the moment single wide is mentioned. I don't particularly prefer a single wide, but I planned on fixing it up and adding to it eventually. It's the land and location I fell in love with, but I can't afford to buy a double wide to replace it with, on top of buying the land. And I don't have cash to pay for it. Does ANYONE know who I can turn to? Any suggestions will help.


Thank you

Why are single wide homes hard to finance?
Manufactured housing is a very tough market these days. Many lenders have cut out lending programs for them all together. New trailers are usually financed through the manufacturer but many banks will finance new manufactured housing as well if you bring at least 20% down and have the trailer build on a perminant slab foundation. If your trailer is old you can almost forget a conventional loan. Also DON'T add anything on to your trailer once you buy, that's a great way to ensure a bank will never touch your property. All an addition will do is weaken the already weak contruction and eventually cause serious damage if rough weather beats your home. Keep it simple and safe.





Buy the land if you can, buy a new trailer if you can or get the owner to carry your loan and pay them over time. You'll need a valid contract, money for down payment and an attorney to review or draft the paperwork.
Reply:Cause the resale value depreciates year to year while a home appreciates. Some will finance if you own your own land or if the trailer is on a fixed block foundation.

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