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Update on Mobile Home loan

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Gary from Muleshoe

Well-known Member
He got it today through a different bank. His wife's uncle who is a business owner co-signed and put up 20,000.00 in colateral. I would have done the co-signing but it had to be done today and the uncle was close by. Still they hold that it is a federal law that says they do not loan money to purchase a mobile home, this loan is considered a personal loan, mobile home is not the colateral. Doesn't make since but he gets the his first home, so all is good in the end.
 
Good luck in the future. I suspect that there will be some 'hidden ' costs along the way. Again, best of luck.
 
good luck relatives or family member loans are the worst kind to be involved with. i never do that again. i hope the loaner can stand to lose the 20grand. it happens. seen it to many times. even thou you think you are trying to help someone. good luck
 
(quoted from post at 19:09:00 01/22/16) ..... Still they hold that it is a federal law that says they do not loan money to purchase a mobile home, this loan is considered a personal loan, mobile home is not the colateral.....
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wonder when that came about, I got a loan on one several years ago while I was waiting to build my home here.
 
The uncle didn't put up the money just cosigned. My son is good with paying his bills. He got himself in a bind once and learned a valuable lesson. He swore he would never go down that road again. He pays cash for everything he can. Never spends foolishly. I would not have had a second thought co-signing for him, in fact that was the plan but I was out of pocket today.
 
Personal loans generally carry a much higher interest rate than mortgages. Hopefully he is just using this as a bridge loan until he can line up a better loan.

As others have said, if there's truly a law against banks loaning money for mobile homes, the bank should easily be able to quote the specific section of federal law where this is stated. Of course there is no such law.

However, a little research shows that Dodd-Frank regulations have caused many lenders to exit the mobile market basically because it is unprofitable, particularly for smaller loans. Dodd-Frank limits the amount of the loan origination fees a lender can charge to a percentage of the loan value, making small loans very unprofitable to issue. Remember, most lenders make ALL their money on loan origination because they sell the mortgage on the secondary market.
 
Unless there is the land underneath a mobile home involved, I would not mortgage a mobile home either. It does make sense that it gets treated like a car loan. Unless one wants another sub prime crisis, there is no justification to criticize the bank in this case looking at the facts provided.
 
(quoted from post at 17:09:00 01/22/16) He got it today through a different bank. His wife's uncle who is a business owner co-signed and put up 20,000.00 in colateral. I would have done the co-signing but it had to be done today and the uncle was close by. Still they hold that it is a federal law that says they do not loan money to purchase a mobile home, this loan is considered a personal loan, mobile home is not the colateral. Doesn't make since but he gets the his first home, so all is good in the end.
Click to expand...

Glad to hear that!
But you could have tried to get mortgages, if possible, other than waiting for the government loan. Since there are a lot of such mortgage providers, it's not that tough to get one even without collateral security. I had taken one such before with the help of a mortgage broker in Ontario of the Northwood Mortgage and got it without security.
 
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