[Olderguy]

Two of you called me this week about doing financing for prospects with mobile homes.

Let me clarify:

If your client has a modular home, that is considered a single family residence and be treated as such doing a hard money or traditional property loan.

If it is a mobile home it isn't. How to determine that....a mobile home has a VIN - Vehicle Identification Number. A modular home doesn't have a VIN

A mobile home may have axles and may have had wheels.

Again a modular home doesn't.

Anyone who calls and says they have a mobile, alway ask if it has a VIN.

That will determine if you can help them or not.

Reach out if you need any help.

[brokerCompany]

Back in the day I used to finance mobile homes. We did around 20 loans a week for a single man operation. Mobile homes without the land. So these were mobile homes on parks.
So just ask the borrower if they own the land and home together if they do you can most likely go conventional.
Paperwork was less paperwork than a car loan.
then the subprime market crash took out most of the mobile home lenders.
There are still lenders that will finance only the mobile home. MOre and more popping up as real estate is still expensive for so many

[Olderguy]

Yeah....but that is convention lending that requires a licensed mortgage broker.

Not hard money.

And there's no money in it either.

I used to refer these people to lenders who specifically handle mobile homes.

That was the good old days.

And yes I can do mobile home parks.