How Can You Buy a Mobile Home?

Toby has recently had a lot of questions about purchasing mobile homes. This might have something to do with the three that Disbennett Real Estate currently has on the market, or simply a fluke.

If you are thinking of buying a mobile home, it is first very important to keep a couple of things in mind.

Mobile Homes are on metal runners and will depreciate in similar fashion as a car.

• In Central Ohio, many areas have zoned against allowing single-wides to be located outside of parks and even double-wides will need some good investigation.
• Account for lot rent when considering a single-wide, which in Delaware County runs between $350-$400 per month.

But if you are still interested in purchasing a mobile home, here are your best options for securing financing.

If you work with a specific bank and have a track-record with them, go to them first. A lot of banks will not loan on mobile homes but they can make exceptions for long-standing clients.

Waco Financial, based in Grove City, specializes in loans for mobile homes. According to an e-mail Toby received a few weeks ago, their product options include:

• Purchase Option: The borrower needs a 600+ credit score and has to have a good installment loan history and a provable down payment.
• Co-Signers: Can be used for those purchasing a home built between 1994-2004 and is for those without installment loan history. Both names are on the loan and 10 percent downpyament is required.
• Buy-For Loans: The person purchasing the loan must be an Ohio resident, qualify financially, and be a family member for the person they are buying the home for. It requires 15 percent down and both names are on the title, but only the borrowers is on the mortgage. Will not help the person living in the home establish credit.

Those that have had a bankruptcy needs to be at least two years out of discharge and have two years of reestablished installment loan experience and all bankruptcy loans require 15 percent down.

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