Will a bank loan money to buy a doublewide that is over 10 years old. ?

We have finally found a place that we love. It is on a little over an acre of land. The double wide has brick under pending, 3 bedrooms, & 2 baths. Just what we need. We have bad credit so no one will loan us money, but we have a cosigner. What is the best way to go about buying this house?

A co-signer does not always overcome bad credit. Get past that issue before you make an offer. The home must be tied down according to FHA standards...your loan officer will be able to tell you what they are.

FHA is your best source on this. Get with a broker in your area and see if they can get you approved. The only other lender that may do it is Vanderbilt Mortgage and North point

I am a mortgage banker in TN & KY

Even with a cosignor you will find it VERY difficult, if not impossible, to get financing for a 10 year old trailer unless it is worth tons more than you are paying.

Will the current owner do a finance by owner/rent to own/land lease? Have you had an appraisal and even VERY MUCH more importantly an inspection of the trailer?

Good luck and in the end a bank might not even accept your name being on the loan at all if the credit is really bad.

depends on the bank, most will only loan 50-70% so if you are wanting a low down payment and that's why you are considering a double wide it will defeat the purpose. You can get 100% financing on homes though, well in our town you can, not sure about every where else.

Possibly, but you are looking at about a 25-35% loan....Not worth it.

FHA will lend up to 97% on a double wide, but it can't have been moved previously, from lot to land. You will need a co signor for this. Otherwise, you are looking to put at least 25% down. Trailers are getting more & more difficult to get financed, sometimes impossible.

Try to get owner financing. Have the owner take back a note, and structure it so that payments are affordable from your end.

The best (and ONLY way) is to pay for it in cash. Even if you have decent credit, you won't find any lenders willing to cough out anywhere near 100 percent of the market value of this property. Lenders got severely burned in the last few years providing financing on double wides, and they are very skeptical of going there again.