World's Largest Mortgage Community

Financing options

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
hammrtdt Joined: 28 Sep 2009 Posts: 1 1.36 Dollars($)	Posted: Mon Sep 28, 2009 11:57 am    Post subject: Financing options We purchased a couple of lots with 1970 mobile (Not on a permanent foundation) on it that we had planned to rent. We have just about completed the remodel project it needed and now our 18 year old son is interested in purchasing it from us so he doesn't have to continue to pay rent. We are considering selling the mobile but not the land to him for appx. $8000. What type of loan would he need to apply for and what interest rates would be available? He would be able to pay 10% down. If we close before the end of Nov. would this qualify for the 1st time home buyers tax credit?
eric1 Community Experts Joined: 04 Jan 2009 Posts: 1414 209.96 Dollars($)	Posted: Mon Sep 28, 2009 5:42 pm    Post subject: I am not an expert in mobile home financing, but I have heard that many lenders will not touch a mobile home that is as old as the one you are referring to. _________________ Eric JFree Rate Quotes, Stated Income Loans FREE MLS HOME SEARCH Lenders Near You
thewretched02 Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)	Posted: Mon Sep 28, 2009 7:12 pm    Post subject: It largely comes down to income, credit history and security. If he's looking to purchase the mobile home, but not the land, a home loan may be a problem _________________ Home loan Mortgage refinance information USA Debt Settlement and Consolidation - You may qualify for a free quote Mortgage and home loan refinancing resources

Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0