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Posted: Mon Mar 28, 2011 11:12 am Post subject: doublewide (stuck in a rut)

Been living in a doublewide for 2.5 years on 3acres in Pennsylvania. My husband got us into a land contract with the owner (against my advice). When we went to the bank to look at mortgage last month we were told they would not finance. So here I sit google searching for answers. 2 main areas I am lost - I have no idea what half of this all means and nobody is nice enough to help. 1)If the manufactured home is listed on the taxes does that mean it is considered "real property" and not "personal property"? That is one of the qualifications for the loan. 2) Permanent foundation - which no this house is not on a basement - there is however no tongue, wheels or axles left on the house. My husband says it has tie downs but talking to him is about useless right now and we are now in need of super mode getting this all worked out or to walk away. So what else would we have to do to qualify for permanent foundation and how much would it cost? My husband has a friend who is a contractor who I guess maybe able to help with a permanent foundation but I don’t want to call him without having some knowledge. Who would I call to get information on the foundation our local township people? Who also are not that nice. Any help or any information would be greatly appreciated.

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi Guest,

Welcome to Mortgage fit,

What I assume is that you are planning to purchase a second home which is manufactured home...So in this case you will be able to get very less benefit as far as taxes are concerned.

So I will put this under the tag of 'personal property'.
Secondly, As far as permanent foundation is concerned....you need to get all the things associated with it...by which you will not be able to move your manufactured home with vehicle.

I (neither anyone of the member of any online community) would be able to tell you even approx.cost required for the permanent foundation of the house.....without seeing actual condition of the home....

It is always advisable to go for a local contractor than to hire someone who stays far long....

Sorry but I can not give you perfect answer to this particular question.

thanks...DIPA

Guest

thanks for a quick reply - we started out just renting this home and next thing i know we are signing a contract that we would pay x amount a month and the owner would keep it towards a downpayment on the house and property. we do not own any other property or the land of this property. our land contract/rent to own contract is almost up - so we are looking for financing to pay for the rest of the amount owed. i know we need to call a contractor but I would like to know alittle about what I am getting into and why needs to be done and not shooting in the dark to get taken advantage of.

smithsussane · Posted: Mon Mar 28, 2011 8:44 pm Post subject:

Hi leigh!

Welcome to forums!

In order to get a loan, you should have a good income and excellent credit scores. You should refinance the existing mortgage on the property in your name and get the property title transferred in your name. If you keep paying the mortgage dues on time, you will be able to own the property. While taking out the loan, you should check out the terms and conditions of the loan in order to find whether or not you can afford the payments.

Feel free to ask if you've further queries.

Sussane

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doublewide (stuck in a rut)

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