Can you tell me where I can obtain a home improvement loan on a manufactured house. Currently not mortgaged?

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I own it outright and the value I believe is somewhere beween 35,000-50,000. It was built in 1971 and I would now like to fix it up and then sell. It has been in the same location since it was built in an established park in the Las Vegas area. Im 62 years of age and retired in 2008 due to disability. Im currently receiving social security benefits, and will be doing so from here on out. I would like to obtain as soon as possible…..thanking you in advance for any and all information.

  1. Reply
    Beverly S
    February 10, 2011 at 7:46 am

    You will not be able to get a mortgage loan on a manufactured home that is in a park. You must own the land it’s on- and it has to be on a permanant foundation- it is also to old to lend on. The mfg. homes built prior to 1974 were not built to HUD standards therefore aren’t eligible for loans. Sorry to give you bad news- but I have been in the mortgage business for 23 years.

  2. Reply
    February 10, 2011 at 8:35 am

    Like the above poster said, it may be difficult to use the trailer to secure a loan. Manufacture home usually don’t retain much value and I can’t imagine one that old having even on tenth the value you mention but every area is different and I may be way off on my prediction. In my area I could buy a couple manufactured homes less than ten years old for the amount you have stated. Of course they would not be set and that has value also.

    I honestly don’t see any manufactured home that old worth doing much fixing from a financial perspective.

  3. Reply
    February 10, 2011 at 9:25 am

    If you want to fix it up to live in, go ahead. But to fix it up to sell it would be a disaster. Pre- 1978 homes, and Manufactured homes had lead based paint you would have to get special permission to remove the paint. It is dangerous for you to work on also. If you just cover the painted areas with other paint you might be ok, but don’t scrape it. Plus those old trailers are death traps in a fire. I lived in a trailer park 40 years ago, and saw a neighboring trailer burn in like 20 seconds. The owner didn’t even have time to get a robe on. She was standing in the lot naked. Get rid of it.
    But to answer your question, you would have to get a personal loan, not a home improvement loan. It would be considered personal property in most states, unless it is secured to a foundation and couldn’t be moved. Which I doubt is the case with a trailer park.

  4. Reply
    Jordan Man
    February 10, 2011 at 10:08 am

    Hello you have to qualify for the loan i found a web site about Qualifying for a Home Loan

  5. Reply
    February 10, 2011 at 10:52 am

    The home improvement loan provides many benefits. For example, when one takes a home improvement loan to upgrade a home and to get it in the shape, one can take a tax deduction.

  6. Reply
    Leo F
    February 10, 2011 at 11:01 am

    Sorry to give you bad news but there is NO manufactured home built in 1971 worth 35,000 to 50,000 that 38 years old and standards were for building then were pretty low. HUD /FHA will not even finance them that old even if you own the land. You can buy a new double wide for around 50K. The value of yours would be scrap metal and that’s just the siding.

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