Posted on: 07th Oct, 2009 11:06 am
I am wanting to purchase this property and it has a double wide but the home will not pass inspection. Also the bank owns the property and I cannot find a loan to finance us. Can any one stir me in the right direction. I live in Monroe, North Carolina.
" I cannot find a loan to finance us"
millerkmarie
what I assume from this sentence is that you have pretty bad credit score.
If that is true,then I do not think that you will be able to purchase the property as it is impossible to purchase the house in hard cash (without loan).
So ......Better try on improving your credit score....
keep in touch....
:arrow: :arrow: :arrow:
millerkmarie
what I assume from this sentence is that you have pretty bad credit score.
If that is true,then I do not think that you will be able to purchase the property as it is impossible to purchase the house in hard cash (without loan).
So ......Better try on improving your credit score....
keep in touch....
:arrow: :arrow: :arrow:
No, my husband credit score is 672. And we are pre-approved for a loan at a bank but they will not finance because the mobile home does not pass HUD inspection. The home is being sold as is.
manoj...you didn't read the post, did you?
marie, has the seller given you any thoughts on how to finance it? i'm not much help, but perhaps they have a clue.
marie, has the seller given you any thoughts on how to finance it? i'm not much help, but perhaps they have a clue.
CASH! Which I do not have. The property is for 34,900.
i guess they're no help then. i'm sorry to be so little help myself.
Everyone I have contacted have said it is not possible because of the mobile home. I have even tried to just go for a land loan but they will not with an existing mobile on the property. I give up.
Hi millerkmarie,
It is very likely that no lender would want to offer you loan against a mobile home that does not comply with the HUD specified standards. There is no point in buying the property. You will also not be able to use the equity in the property, when you will need it in future. The price of the home is also not that low. I think you can buy a better home with that amount of money and also get loan to finance the purchase.
It is very likely that no lender would want to offer you loan against a mobile home that does not comply with the HUD specified standards. There is no point in buying the property. You will also not be able to use the equity in the property, when you will need it in future. The price of the home is also not that low. I think you can buy a better home with that amount of money and also get loan to finance the purchase.
marie
In my opinion, I would stay away from this deal. You can see how hard it is for you to get financing. If the property/mobile home is not worthy of being financed to a bank, then its value should be less than a similar home down the road that IS acceptable to a bank.
In addition, if you were somehow able to find a bank somewhere to do this, you would still be facing these same problems when you go to sell the place. Future buyers of your property will have trouble finding financing.
In my opinion, I would stay away from this deal. You can see how hard it is for you to get financing. If the property/mobile home is not worthy of being financed to a bank, then its value should be less than a similar home down the road that IS acceptable to a bank.
In addition, if you were somehow able to find a bank somewhere to do this, you would still be facing these same problems when you go to sell the place. Future buyers of your property will have trouble finding financing.
sage advice here