On ten acres off state hwy. Single wide. built in 1997. First time home buyer and no money for a down payment! HELP!
2006-09-26 11:05:12 · 7 answers · asked by Rebel Chick 2 in Business & Finance ➔ Renting & Real Estate
First of all in the federal loan program eyes there are three categories, mobile homes built prior to 1978, manufactured homes(yours fall under this category) and modular homes .
mobile homes and manufactured homes do not qualify under most programs for good financing therefore you might want to ask the local lenders about their in house loan programs otherwise you will pay a higher rate of interest and will be required to provide a much higher downpayment. Although mobile homes and manufactured homes are considered personal property (motor vehicles) until permanently attached to the real estate, they are not real estate in the eyes of the feds for loan purposes. Once attached to real estate the mobile home legally becomes part of the real estate and ceases to be personal property. What a trip ha.
2006-09-26 11:24:34 · answer #1 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
If it has an actual foundation most lenders will treat it like a standard home.
edited to add: didnt' see the singlewide thing. Everyone is right-- this is nearly impossible unless there is enough value in JUST The land AND you have 20% down.
If you are buying it to build on, do a construction loan that would wrap the new home construction into it.
But these things are just money pits...they dont gain in equity like "real" homes. So really think this through first.
2006-09-26 11:09:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This loan cannot be done through any regulated lenders as it sits.
I only know one lender that will do single wides at all, and frankly, you're wasting your time applying because they're unlikely to actually fund.
Nobody does 100% loans for manufactured homes. Period.
Your only option is seller carryback on a second. Get a good buyer's agent to help you negotiate it.
2006-09-26 12:04:50 · answer #3 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
It will be kind of hard to do because its a mobile home.But try looking up agencies that deal with mobile homes. Make sure your property is up to date.That means the yard,plumbing and other fixings.You want a financing agent to feel that they are investing in to a profitable equity. Also look at your local county offices for home financing, try the Internet and insurance agencies and dont for get real estate agencies. Like I said it will be hard because its a mobile home--GOOD Luck!
2006-09-26 11:15:44 · answer #4 · answered by lovedarkpassion 2 · 0⤊ 0⤋
How much money are you talking about? Do you have decent credit? How about a cosigner?
Regardless of the answers above, if you do get this done the terms are going to be terrible. My advice would be to either save up enough for a down payment or look at traditional housing.
2006-09-26 11:24:07 · answer #5 · answered by Jim R 5 · 0⤊ 0⤋
Sure, it has to be a double wide on a perm. foundation. I would highly recommend working with lenders that do FHA. Fha are the only ones in the industry that allow this home to be financed at this time
2006-09-26 11:19:04 · answer #6 · answered by Photographer 6 · 0⤊ 0⤋
i would think u can get financing on the land, a 10 year old trailer really isnt worth much, but the land is definately.
2006-09-26 11:11:18 · answer #7 · answered by Nora G 7 · 0⤊ 1⤋