Renting a mobile home for 1.5 years and now want to buy it

mcwbrown · Joined: 02 Jun 2008 Posts: 2 1.63 Dollars($)

A friend moved to Florida for a new job. I have been renting his mobile home in North Carolina since Jan 07. He now wants to sell this so he can buy a house in Florida. I would like to buy it. I've heard of deals where tenants can buy and have it considered a refinance instead of a purchase.

Guest 0.10 Dollars($)

Owner financing or Lease to purchase may be a option for you but your friend wants to buy a home in Florida. So he will want to have cash. So why don't you go for a home loan?

Do you have good credit? Does the mobile home has permanent foundation?

mcwbrown · Joined: 02 Jun 2008 Posts: 2 1.63 Dollars($)

Yes, it has a permanent foundation ad it's from the mid 80s.

My credit is bad but my fiance's is better by 100 points so he is going for the loan

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi mcwbrown.

Welcome to the forum.

I think you can assume your friend's mortgage. So you should talk to your friend's lender and see whether he can approve for the assumption of the mortgage.

If you want to know about assumption, you can check out the forum discussion at http://www.mortgagefit.com/discuss/simple-assumption.html

Hope it helps.

Best of luck,
Larry

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