How does one buy a mobile home in Florida with no down payment?

Question

I've found the perfect property in central Florida. It's right next door to my best friend. It's an acre of land with an older single-wide mobile home on it. It's the only home I can afford without being an absolute shack on no property. I love this because I'd be spending my money mostly investing in the property, and I could build my dream home on it later.
The problem is, I have no down payment. I was told there are programs out there that help with that. I was approved by my bank for the mortgage, so I have good credit. However, every government program I could find will not help with the purchase of a mobile home; not SHIP, not First Time Homebuyers, not Fannie Mae, not HOME, etc.
Does anyone have any ideas???

Answer 1

Trade something in,car,boat,motorcycle,anything that don't eat.Have you talked to the bank about putting up the property as collateral?My family was in this business for 30 years,IM me.

Answer 2

Hello -

In regards to mobile homes, the best program I know of is a 95% Loan to Value. The mobile home would need to account for 50% of the property value.

There are some independent programs that help with down payments assistance. Or, you might if the seller would provide enough considerations to meet the other 5%.

For some Free tips on how to negotiate better with the sellers, click on this link

http://www.freerealestatesecretssoutherncalifornia.com/three_rules.aspx

The reason why certain programs such as Fannie Mae do not include mobile homes is that they depreciate value.

Please let me know if I can be of any further help.

Kindest Regards,
Darren Meade

Answer 3

I too & in the process of buying a mobile home. It's in Lake County FL but I too don't have a lot of money to put down. The best company I found wants 5% down as well. I'm buying it for $75,000 & they want $3,750 down. Good luck!

Answer 4

Try a differnent loan company

Answer 5

One doesn't. Start saving up for it