Mobile home financing - The HuntingPA.com Outdoor Community
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post #1 of 17 (permalink) Old 01-11-2015, 05:27 PM Thread Starter
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Mobile home financing

Anyone know who would finance a mobile home on blocks in the Tionesta area?
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post #2 of 17 (permalink) Old 01-11-2015, 06:22 PM
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Re: Mobile home financing

By blocks I'm assuming you mean cinder blocks. I think it will be difficult (maybe impossible) to get conventional financing without it being on a foundation of some kind. You will also need homeowners insurance and you may not be able to get that without a foundation. Good luck with your search.

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post #3 of 17 (permalink) Old 01-11-2015, 06:58 PM
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Re: Mobile home financing

A local independent bank or credit union in the camp area is going to be your best bet. Most national chain banks won't touch it. Also you could do a home equity loan if you already own a house (or have some equity in one your still paying) or even a personal loan but your interest rate will be higher.
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post #4 of 17 (permalink) Old 01-11-2015, 07:11 PM
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Re: Mobile home financing

Or a commercial loan but that is higher in interest. Aegis Ins does campers and they might do mobile homes.

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post #5 of 17 (permalink) Old 01-11-2015, 08:46 PM
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Re: Mobile home financing

Can't help you on the financing side but I had a mobile home that I rented out and had home owners insurance on it from Foremost Insurance. The trailer sat on 43 acres and no bank would lend money on the trailer. I had to do a vacant land loan to buy the property!

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post #6 of 17 (permalink) Old 01-11-2015, 10:13 PM
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Re: Mobile home financing

Try Sebrite Corporation in Allison Park PA.

They used to do mobile home and RV financing. Don't expect a house mortgage type of rate. More like a used car loan but there aren't too many choices.

As for the insurance, Foremost is a little pricey but I personally think they're worth the extra money. ESPECIALLY with a camp. I'm a retired independent agent and never had a claim problem with them and they can insure mobiles as camps without much of a hassle

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post #7 of 17 (permalink) Old 01-11-2015, 11:06 PM
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Re: Mobile home financing

You might have to get an engineer's certification that the foundation and its anchorage meets the requirements of the "HUD Permanent Foundation Guide for Manufactured Homes." We do those types of inspections and certifciations, but it's a long drive from Wexford to Tionesta and we charge for travel. I'd guess it would cost several hundred dollars to get that kind of certification unless you can find someone local to do it. I seem to remember there being an office for an engineering firm on the left side of Route 62 if you're going toward Warren. Sorry, I don't remember the name, and don't know for sure if they do that kind of work. You might also check with a local real estate agent and see if they have a local resource. If not, shoot me a PM.

After I posted this I found the engeineering firm. It's

Northwest Engineering Inc.
Tidioute, PA 16351
(814) 484-3504
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post #8 of 17 (permalink) Old 01-11-2015, 11:55 PM
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Re: Mobile home financing

Know of several mobile homes/double wides that are "setting on concrete blocks". But those blocks are atop poured concrete footers and the homes' frames are anchored to the same footers with chains or cables.

I would crawl under there and see what the blocks are on, before assuming things aren't kosher?

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post #9 of 17 (permalink) Old 01-12-2015, 07:05 PM
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Re: Mobile home financing

Denny,

Yes. Generally the blocks are on some sort of concrete footings, that hopefully extend to frost level. The blocks are one of two ways that I typically see modular homes supported. The other is having a series of transverse beams oriented perpendicular to the chassis beams, and the transverse beams bearing on pilasters and usually center posts. This system is most often used when there is a basement under the units, but I've seen it used with crawl spaces as well.
The other thing that I forgot to mention, is that generally the wheel bogey assemblies need to be removed before the home can be financed as a residence (as opposed to a mobile home.)
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post #10 of 17 (permalink) Old 01-12-2015, 07:50 PM
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Re: Mobile home financing

If the wheels and hitch are still attached its considered still "mobile" and generally not on the tax rolls. That's why most banks won't touch it. Once it anchored and the wheels/hitch removed its taxed and could be considered for a loan.

Also their is a certain date that anything manufactured before that can not be lent on. Its a fire safety thing. I want to say 1972 but could be wrong.
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