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momaj420 · Joined: 15 Aug 2009 Posts: 1 1.00 Dollars($)

My daughter owns a 1999 Chandeleur 80 x 16 mobile home located on my property. She has moved to another state and cannot afford the trailer and home she lives in. I am considering buying trailer from her and renting it out. Her loan balance is $20,000, over current value but I'm trying to help her out. What are finance options for me? Credit score approx. 800, own my own home, annual income approx. $125,000.

smithsussane · Posted: Sun Aug 16, 2009 8:37 pm Post subject:

Hi momaj!

Welcome to forums!

If you do not have any other mortgage in your name, you can apply for a mobile home loan. With such a high credit score, it won't be tough for you to get a mobile home loan. You can contact any of the lenders of your area who offer mobile home loans and check out the rates and terms of loan they are offering you. However, you will have to inform the lender that you would use it as an investment property.

You can also seek a no obligation free consultation from the lenders of this community and check out their opinion as to whether or not you would get a loan.

Feel free to ask if you've further queries.

Sussane

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Finance options to buy used mobile home as rental property