A mortgage for a trailor on its own land in the city?

My boyfriend and I are in the process of buying a home. We found a double wide trailer close to work in the city. (Not in a park. It is on its own acre of private land in city limits.) It sits on a permanent foundation with a crawlspace. The property is Very well maintained and landscaped. It also has a large front porch and patio. Honestly, you can not even tell its a trailer. It looks like one of those modular type homes. It has been recently built (within the last 3 years) and has top of line everything inside. Its over 1800 sq feet and beautiful inside and out. The current owner pays property tax and is hooked up to city water and sewer. It is in a very nice residential area. (New homes.) However, our real estate agent claims there is no way to get financing on a trailer because it will lose value. Right now it is valued over 100,000! Pretty good for a 3 year old trailer, I thought. My question is, Is there anybody in NC who has a similar property and got regular financing for it??
I also add that we have good credit and do qualify for a regular "stick built" home. Its just that our real estate agent said we can not get financing on mobile/modular homes. She claims it is because they have a higher foreclosure rate than a "stick built" and lose value quickly. It sounds strange to us since the mobile home is not movable or in a park. Also, since its selling/valued at 3 or 4 times the cost of an old single wide trailer. The price is that of a regular home. I’m just a bit confused because we are young first time home buyers. Thanks for any help you can offer!
M2, Thanks! It is on a permanent brick foundation. The "crawspace" is just under the back patio area. The seller is selling the land and trailer together but no lender we have talked to (5!) want to do a loan for a trailer. They all tell us to stick with a "stick built" home. They don’t want to "risk" a trailer. Our real estate agent has already found us the "perfect house" to suit our needs so she doesn’t want to check into finding trailer financing. Well, she claims she has and there are no options. It is just hard to believe that a home permanently attached to the land with a high resale value (for a trailor anyway, 9,758) can’t be financed! We checked and it has never been a "moveable" trailer aside from when it was brought from the factory to the land site and attached to the foundation. We will look into realty.com and a mortgage broker before giving up…Thanks for the advice!
loslunas87031, Are credit scores are very good and it is considered real estate. I think you are very right. That seems to be exactly what they do. The houses they seem to keep steering us towards are quite a few thousand more than we want to pay. Our agent always claims that since we are "quailifed" for a certain amount that we should be looking for 5,000 – 10,000 higher because we can offer a bit lower. Everytime we find something for less we are faced with head shakes and a hundred reasons why that property isn’t "good". Home buying has been more of headache than I would have dreamed! It is so frustrating to find something perfect and affordable and told, "I really don’t think that is a good investment." Maybe we should just start demanding detailed explaination as to why they won’t finance a trailer and try to "barter" them into it…. I don’t know. Thanks for your help!

2 Responses to “A mortgage for a trailor on its own land in the city?”

  1. m2 Says:

    you can get financing on the land.. (the downpayment may be higher for a land purchase).
    not sure why your not getting help on the trailer..unless it is the way the foundation is set..
    not a N/C code specialist..
    so phone your local zoning authority..on what the code is for a trailer to be considered part of the land..
    (i "think"..there is something about the fixing of the foundation block and the crawl space to make the trailer considered permanent)..

    phone a few mortgage specialists yourself… and ask if they finance land with a trailer..they may even know the "building code" for the trailer to be considered a part of the land..

    a trailer in a park can get financing ..and it is a loan similar to a "car" because that is somewhere in between where it falls..

    trailer are part of "real estate sales" go to http://www.realty.com and it specifies trailers..
    the sale of trailers in parks and on land.. so the it must be the foundation..to make it permanent..and the lower downpayment to finance..
    sounds like your already "approved". Phone your lender ..and get some answers from them..they may not want to finance a trailer…but you can phone up another lender..try ap. 3 more..or go to a "mortgage broker" they would know at least one lender..

  2. loslunas87031 Says:

    much of it is going to depend on your credit score. If it is declared real estate and taxed as such most any mortgage broker can find you financing, most do not want to on a small amount. Better commissions are made by them getting you in over your head and income ability.