Good Sam Club Open Roads Forum: Financing for Park Model in Colorado?? Please help!
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 > Financing for Park Model in Colorado?? Please help!

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ARhyner

Fairplay, Colorado

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Posted: 11/06/20 01:47pm Link  |  Quote  |  Print  |  Notify Moderator

Hello everyone!

I have found my perfect little home (it's even deeded with the lot) in Fairplay, Colorado, and am co-signing with my mom. We have already been approved for a home that costs significantly more than the park model I'm looking at, however I can't seem to find anyone who will finance this for us.

I saw a posting from 2014 by Crabbin Cabin saying he financed his with a CU, but I'm not able to track this user down.

The owner will be placing it on the market soon unless we can secure financing. Any recommendations are so greatly appreciated. Thank you!!

Tyler0215

Iowa

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Posted: 11/06/20 02:55pm Link  |  Quote  |  Print  |  Notify Moderator

Try your Credit Union.

Lwiddis

Death Valley NP

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Posted: 11/06/20 03:49pm Link  |  Quote  |  Print  |  Notify Moderator

How old is the park model? When you can’t finance (and it isn’t your credit) be careful. It’s a warning. Such as, why wouldn’t an owner list the park model? Why give a “deal” to you? What value did the RE appraiser give?

* This post was edited 11/06/20 04:02pm by Lwiddis *


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ARhyner

Fairplay, Colorado

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Posted: 11/06/20 04:20pm Link  |  Quote  |  Print  |  Notify Moderator

Thank you for the suggestion. They were the first ones I tried, since I've been a member for more than 10 years. I have tried about 4 other credit unions, in addition to about 10 lenders.

Any other options?

Lwiddis

Death Valley NP

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Posted: 11/06/20 04:22pm Link  |  Quote  |  Print  |  Notify Moderator

Was the trailer professional’s inspection clean?

wapiticountry

Mountain West

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Posted: 11/06/20 04:37pm Link  |  Quote  |  Print  |  Notify Moderator

Any financing that requires a cosigner will be scrutinized much greater than a standard loan. For example, having your mom cosign with you for a Toyota might very well get approved while you would be rapidly rejected for a Motorcycle even though it is less expensive. Same with home loans. A sticks and bricks home is much different than a park model. The stick and brick likely won't depreciate. The stick and brick can't be towed to a different location overnight. The Park Model loan can't be sold to Fanny Mae or Freddy Mac or packaged as part of a mortgage backed security. A Park model is almost assuredly viewed by the lenders as a luxury item, not shelter. If you want to buy a home with your mother as a cosigner (a different discussion you really need to have) a traditional home is going to be your best option as far as obtaining financing is concerned.

ARhyner

Fairplay, Colorado

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Posted: 11/06/20 04:40pm Link  |  Quote  |  Print  |  Notify Moderator

This is very insightful, thank you!

Although, it's interesting that many lenders I initially spoke to didn't even get as far to know that I'm cosigning.

Either way, this gives me some ideas about how to proceed.

Thanks again!

bikendan

Camano Island, Wash.

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Posted: 11/07/20 02:21am Link  |  Quote  |  Print  |  Notify Moderator

ARhyner wrote:

Hello everyone!

I have found my perfect little home (it's even deeded with the lot) in Fairplay, Colorado, and am co-signing with my mom. We have already been approved for a home that costs significantly more than the park model I'm looking at, however I can't seem to find anyone who will finance this for us.

I saw a posting from 2014 by Crabbin Cabin saying he financed his with a CU, but I'm not able to track this user down.

The owner will be placing it on the market soon unless we can secure financing. Any recommendations are so greatly appreciated. Thank you!!


What's a Park Model thread doing in the Hybrid section?[emoticon]

Moderator notified.


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ARhyner

Fairplay, Colorado

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Posted: 11/07/20 05:22am Link  |  Quote  |  Print  |  Notify Moderator

I would love to put this in the proper forum, but didn't see park model or anything close to it anywhere in the list. Considering it is a hybrid of sorts, this was my closest guess. I welcome your suggestions.

Thanks in advance for your help.

valhalla360

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Posted: 11/07/20 08:36am Link  |  Quote  |  Print  |  Notify Moderator

A park model trailer is a depreciating asset that could disappear tomorrow. Banks tend to be conservative.

Do your mom a favor and have her talk to a financial guy to get an independent view of her participation in this deal. You shouldn't go with her to this meeting. If you need a co-signer, it usually means you aren't a good risk and she will be on the hook for it if you fail to pay off the loan. Now if she's worth $5mil, it may be no big deal if she has to cover a $20k loan for you but if she's not worth a lot and the loan is big...having to pay off this loan will really impact her retirement, you are asking a lot of her.


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