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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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As the property is located on a rented lot, you will have to go for a personal property loan. These loans are available at a higher interest rate.
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Good is the Enemy of Great. |
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Suzanne
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0.10 Dollars($)
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Post subject: some information |
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Dear Jessica,I am very interested in trying to purchase a 1973 one bedroom mobile home in Norwell,MA.The price is $15999 and I would be able to put some money down and have a good job.Take home about $1200.00monthly.up to date with a few bills-But my problem is poor credit from the past.Is there any way to still be able to apply for a loan.Even for $17,000.Thank you for your time
[Email address deleted as per forum rules. Thanks.] |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Suzanne!
Welcome to forums!
Mobile homes which were build before 1976 do not qualify for loans. The mobile home loan lenders are concerned about the depreciation of the property value of such old homes. Also, you've mentioned that you have a bad credit. After the real estate crisis, most of the lenders have stopped giving loans to people with bad credit.
You can look out for mobile homes which are build after 1976, improve your credit score and then try for loans. Check out the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 808
Location: OHIO
435.63 Dollars($)
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Post subject: financing a 1973 mobile home loan |
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Hi Suzanne,
You won't be able to get a mortgage loan for purchasing a 1973 mobile home. But you can take out a personal property loan which is usually available at a higher interest rate as compared to mortgages. Another option to buy the mobile home is owner financing. Under this option, you'll pay the purchase price in monthly installments. In case you can't make the payments, the seller may have the right to take away your home provided he's made a written agreement mentioning the terms and conditions of the owner financing contract.
With regards,
Jessica
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http://jessica.mortgagefit.com/ |
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bob farar
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0.10 Dollars($)
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Post subject: looking for a lender |
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| We are currently looking at a property in La Vernia, texas as an investment property, I have outstanding credit above 800 but cant seem to find a lender. Any ideas? |
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bob farar
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0.10 Dollars($)
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Post subject: looking for a lender |
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| We are currently looking at a property in La Vernia, texas as an investment property, I have outstanding credit above 800 but cant seem to find a lender. Any ideas? |
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netherton
Joined: 17 Jun 2010
Posts: 200
Location: Fort Collins, CO
29.19 Dollars($)
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What problems are you running into Bob?
_________________
Nic Netherton
Mortgage Banker
Cornerstone Mortgage Co
Fort Collins, CO 80525
Nic Netherton Loans
970-226-2992
My Daily Rate Sheet
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trinkee10
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0.10 Dollars($)
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Post subject: manufactured home in park with space rent of 600.00 |
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| first time buyer of 140000 mobile home in mobile park with space rent obligation - do zero down loans exist? Is 5% down doable? income level 156000 possible increase to 60000 less than 500mo credit card and other debt - only bad history is minor medical disputes not paid |
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lakeland
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0.10 Dollars($)
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Post subject: mobile home as collateral |
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| own my Manufactured home, can I use it as collateral. Credit score 629 |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi trinkee,
Zero-down loans hardly exist in the market these days. After the crisis in the real estate market, the lenders have stopped giving mortgages to borrowers who cannot offer a down payment. If you can offer a 5% down payment, you would be able to qualify for a FHA loan. If you want to go for a conventional mortgage, then along with the 5% down, you'll have to go for a PMI as well. However, a bad credit history will also make it difficult for you to qualify for a mortgage.
Hi Lakeland,
You can use a manufactured home as collateral to qualify for a mortgage. With a credit score of 629, you would be able to get a FHA loan. You can contact the FHA approved lenders and apply for a mortgage.
_________________
Procrastination is the enemy of your financial success |
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phyllis
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0.10 Dollars($)
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Post subject: mobile home financing |
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| I am an investor looking for bank foreclosures in mobile homes. How would i find out which banks financed them, |
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Guest
0.10 Dollars($)
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| I guess you need to participate in the foreclosure auctions in order to know who financed the mobile homes. |
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markartthebeach@charter.n
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0.10 Dollars($)
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Post subject: Refinance a Manufactured Home |
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1500 sq. foot 2005 Sivercrest. Value in our Park seems around $225,000 at least. We owe $108,500 -- 7.25% Payment = $750.73 ($190.65 Principal and
560.08 Interest). Original loan date -- 3-2-2009 -- Maturity 3-1-2016. We have excellent Credit -- 800+.
We also own a vacation home that is for sale at $229,000 with a Home Equity Loan at 2.99% -- payment $250. Expiration date - 4/14/2018.
In a park with rent control.
Would like lower payments on Manufactured home. Where do I go? FHA? Fannie Mae? Freddie Mack? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi markartthebeach,
As you have equity in your property, you would be able to get a refinance. You need to contact your present lender and apply for the refinancing of the mortgage. In case, the rates and terms given by the lender is not affordable for you, then you can speak to the other local lenders and try to refinance your loan.
Take care. |
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juan
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0.10 Dollars($)
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Post subject: loan |
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| we are looking to take a mortage on our mobile home ,it's a 1994 16 wide by 70 very good cond.we do have a clear title on our home |
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