Price is $55000.
2006-09-05 07:32:05 · 8 answers · asked by tigerzero6152000 1 in Business & Finance ➔ Renting & Real Estate
It depends on how bad your credit is.
The problem is that you are going to get a sucky interest rate because the rates are just horrible on trailers. So your $55,000 is going to have a rate of over 10% most likely. You are still going to need a down payment or use land as collateral.
The bottom line is that you'd be better off saving a down payment, fixing up your credit, and in a few years with better credit buy a real home.
The most likely thing that is going to happen to you with trying to buy this trailer is you get ripped off, get a horrible mortgage, and five years from now you will be wondering how come you still owe over $50,000, yet your home is worth $30,000. You'll be wishing you waited, and rebuilt your credit. Your next thought will be about having a nasty fire and picking up the insurance money.
2006-09-05 08:39:23 · answer #1 · answered by ZCT 7 · 0⤊ 0⤋
MOBILE HOME FINANCING - MANUFACTURED FINANCING
Do not know what state you live in, but here is a web site for you to check out - you can also put in key words on yahoo: manufacturing financing; mobile home loans, etc
Welcome to 21stmobilehomeloan.com
Your source for Mobile Home Financing
Following is a summary of our most popular programs. Additional guidelines apply.
Please call 1-800-955-0021 or complete one of the online loan applications.
Our Conventional Loan program provides standard fixed rate financing for new and previously-owned manufactured homes (1974 and newer).
Our all-in-one Land/Home financing program offers financing for both home and property. This program features flexible loan terms for both new and pre-owned homes, and the option to use land equity towards the down-payment.
Staged Funding Our Staged Funding program for land/home purchases provides funding in four stages as work progresses, and offers convenient payment options during the construction period.
With Classic-Land-in-Lieu, customers use the equity in the land they own towards a down-payment on a new or pre-owned manufactured home.
FHA / FNMA Freddie Mac
Yes, you may qualify for trememdous savings with a conventional mortgage loan on your multisectional manufactured home or modular home.
21st Mortgage Corporation
21stmortgage.com
info@21stmobilehomeloan.com
1-800-955-0021
Hope this information helps - I also can do manfacturing home loans - if you are interested.
2006-09-05 16:39:17 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
Have you tried www.mhloan.com ? Don't bother with Wells Fargo, they wont even think about a mobile home mortgage.
I own a mobile home (in a park-rented land) and have poor credit and I got a mortgage thru Vanderbilt Mortgage and Finance. www.vmf.com They specialize in mobile home mortgages.
Good luck with your purchase!!
2006-09-05 09:06:19 · answer #3 · answered by sem3578 2 · 0⤊ 0⤋
Fix up your credit first by paying the bills you have on time. Once you have a history of paying bills on time, you can look for loans to get a mobile home.
No bank will touch you if you are unreliable.
2006-09-05 07:41:49 · answer #4 · answered by Rusty 4 · 0⤊ 0⤋
There are a number of first time home buyer programs out there. Combine that with down payment money, and see what needs to be done to make it happen =0p...
2006-09-05 07:40:12 · answer #5 · answered by r0bErT4u 5 · 0⤊ 0⤋
Try your bank or maybe Wells Fargo--I think they are big on giving people first-time mortgages lately. Their website has a section on "moving beyond credit challenges." You could give it a try anyway.
2006-09-05 07:35:05 · answer #6 · answered by saddison2004 3 · 0⤊ 0⤋
This is where my cousin got his bad credit RV Loan .
they also have mobile home loans and Rv-s
2006-09-08 08:04:09 · answer #7 · answered by izdaleka 2 · 0⤊ 0⤋
see what they have listed here
http://www.wesayes.com
2006-09-05 15:38:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋