I'm a New York real estate agent seeking financing (for buyer) for 1976 PRE-HUD Doublewide MHU (built prior to 6/15/76) situated on 4 acres in Kerhonson, NY. Anyone know a lender possibly offering financing on PRE-HUD MHU's.
THANK YOU

Anyone??

Look up Mr. Foreclosure on here as he is from New York and maybe he hasn't seen this post.

Green Tree Mortgage (out of New Jersey) has been the only non-local lender we could go to with Pre-1976 Mobiles; but I think they too are having their own problems right now. They would obtain about 1½% to 2¾% above the prevailing 30 Year Rates.

I have also had good success with local banks who know the local property and know the Prospective Buyer; but they have to be able to consider keeping a loan for one of these Oldies in their own portfolio; which is necessary because there is NO Secondary Market for such loans. Plan on at least a 20% Down Payment and a premium on the Interest Rate. Because it's a Double-Wide, I hope it sits on a concrete pad (not gravel); otherwise, I don't think anyone will want to loan on it - the two sides start moving independently over time, and distort the unit.

I have had people go and get construction loans on properties described like yours where, the Trailer was just going to be used as a Temporary Job Site Office while something more substantial was being built on the parcel, and the site improvements (water, sewer, driveway, transformer, and landscaping) was being recycled for the New Building.

check out US Financial, though I don't know if they loan in NY.

Google mobile home financing, but the rates are REALLY high.

The pre 1976 mobiles are treated as personal property in most cases (sometimes they have been sufficiently installed on permanent basements and/or with stick built additions that the local assesor "winks" to call them a single family residence). As such they get transferred by Bill of Sale (not Title) and the land they are on by deed.

I'm not familiar with property values in that part of the Catskills to know if the value of the land plus the value of the mobile would add up to the minimum amount to qualify for mortgage financing (in much of the area that I work in the condition of the mobile would have a lot to do with that); it might be easier to just get a personal loan. Another option, if the seller is willing, would be to do seller financing. This often includes a balloon payment a few years out but the buyer can then use home equity financing (which will be less restrictive then purchase price financing) to pay off the balloon.