Rant: Banks suck

bleedingpurple

bleedingpurple

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Where it is real F ing COLD
Found a cabin in the Northwoods that was a mobile home and then they put on an addition, 1600 square feet with tons of lakes around. They asked 79,9 we agreed to 72 K, Fuxking bank won?t lend cause the foundation is wooden, they want 40% down. Ridiculous. How does an owner plan to sell it? I offered 15 down land contract and pay 1K per month for 2 years then pay in full but rejected.

How is it in other parts of the US? Is this just standard ?


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LA Burns

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not all banks lend on this type of property - look around and you might find someone that specializes in mobile home financing with guidelines that are less strict
 
F

freelancc

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LA Burns said:
not all banks lend on this type of property - look around and you might find someone that specializes in mobile home financing with guidelines that are less strict
Click to expand...

mobiles traditionally are something banks don't like to deal with, but there are a few companies that do insure mobiles.
 
Sportsaholic

Sportsaholic

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bleedingpurple said:
They will but the 40 % down


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If you can afford the 15% down and a monthly payment up to $1,000 get creative....

Bank wants 40% down you have the 15% in hand, so if my math is correct you're $18,000 short....Get a personal loan for the $18,000 or Owner finance $9,000/Personal loan for $9,000....

Hell, if you can also find 0% CC for 15-18 months....Max a card, transfer the balance to 0% card...

Where there is a will, there is a way....Just don't over extend and stress....

Also check CU's they sometimes are more flexible....Good luck....:0008
 
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LA Burns

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from link/site above:


WISCONSIN MOBILE HOME FINANCING

Need Wisconsin Mobile Home Financing - Whether you are considering buying a Used Mobile Home or buying a New Manufactured Home, JCF Lending Group will find a mobile home loan that's right for you. The type of Mobile Home loan received depends of several different factors. The Year of the Mobile Home and Current Value is a strong factor as is the Credit of the Applicant and the Monthly Income. We are also pleased to offer a free mobile purchase agreement along with Wisconsin State Titling Forms.

Once your Wisconsin Mobile Home loan is Approved, the amount of the Down payment determines the Interest Rate offered. As an example, a 10 or 20 Percent Down will offer a Better Rate than 5 Percent Down. Our terms vary from 7 years to 25 years, depending on the program you choose. The best Wisconsin manufactured home financing rate can be obtained in most cases at a 15 year term.
 
bleedingpurple

bleedingpurple

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LA Burns said:
from link/site above:


WISCONSIN MOBILE HOME FINANCING

Need Wisconsin Mobile Home Financing - Whether you are considering buying a Used Mobile Home or buying a New Manufactured Home, JCF Lending Group will find a mobile home loan that's right for you. The type of Mobile Home loan received depends of several different factors. The Year of the Mobile Home and Current Value is a strong factor as is the Credit of the Applicant and the Monthly Income. We are also pleased to offer a free mobile purchase agreement along with Wisconsin State Titling Forms.

Once your Wisconsin Mobile Home loan is Approved, the amount of the Down payment determines the Interest Rate offered. As an example, a 10 or 20 Percent Down will offer a Better Rate than 5 Percent Down. Our terms vary from 7 years to 25 years, depending on the program you choose. The best Wisconsin manufactured home financing rate can be obtained in most cases at a 15 year term.
Click to expand...

They won?t deal with it


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lowell

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Increase your offer by what you save in closing costs and ask for short term owner financing.
5 years at 5 percent interest based on 30 years amortization . Negotiate the down payment . During those 5 years get a contractor to do the necessary repairs so you can get normal home financing.
 
bleedingpurple

bleedingpurple

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lowell said:
Increase your offer by what you save in closing costs and ask for short term owner financing.
5 years at 5 percent interest based on 30 years amortization . Negotiate the down payment . During those 5 years get a contractor to do the necessary repairs so you can get normal home financing.
Click to expand...

Owners are i their 80s and want the money now. I?m just going to hold off and say screw it, the house is going nowhere unless someone is willing to pay cash and use it as a rental. People want cabins on a lake and if they had that type of money they would use it for a lake home. I think the owners are a bit delusional


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