Used Manufacture Home Loan Terms & Conditions by: Lanard
The terms and conditions of the sale of the manufactured home don't necessarily have anything to do with whether or not you have to place a down payment on it. A sale of each home, much like conventional built homes, is specific to the owner and his or her circumstances.
For example, I've purchased several manufactured homes (we also refer to them as mobile homes and trailer) that were in trailer parks or subdivision where there was a monthly rental fee for having the manufactured home there. Several were for 100% financing. However, I did need to assume the responsibility for the monthly lot rental fee.
I've also paid all cash for a few of them and was able to make outstanding buys this way. If they were on rental lots I was always required to take over the monthly lot rental fee, which stands to reason.
If you don't have all cash talk to your bank or credit union about their used manufactured home loan programs. They'll be different for owner occupants verses investors.
In the case of used manufactured homes, especially repos and bank owned properties, you can now negotiate from a position of power. Like conventional homes there are lots of foreclosures and bank owned properties...and the lenders want to unload them. So,you can pretty much leverage the terms and conditions that suit your needs.
