Financing for Park Model in Colorado?? Please help!

ARhyner wrote:
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 would suggest the Travel Trailers forum.

A Hybrid Travel Trailer has canvas tent ends, like a popup. So nothing like a park model. And the longest they get is around 25ft.

Any jobs in FairPlay, CO, with 700 people and at 10000 feet elevation?

Not fair to your older mom to put her on any financial hook for your living quarters.

valhalla360 wrote:
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.

You are saying what I wanted to say but I couldn't come up with nearly as polite a way to say it as you have, you silver tongued devil. Maybe you should consider a career in politics. On second thought, what you said is the truth, and that would never fly in the political arena.

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.

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.

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?:h

Moderator notified.

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!

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.

Was the trailer professional’s inspection clean?