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mc8 · Joined: 08 May 2009 Posts: 11 5.70 Dollars($)

I'm a single mom and I am looking for a 0% down/and low monthly payments to refinance my 2005 manufactured house and buy 5 acres. I have excellent credit, no other debts except my home, BUT I am the sole support of myself and children [there is no alimony, no child support ]. I have a good job though, just not very much finances after mortgage payment and other necessities paid each month.

I'm not looking for a handout or anything like that, BUT my present landlord is selling the property where my home is now situated for more than I can afford, and he wants me off the property by the end of June. He just informed me of this a week ago.

Is there any kind of help like this available?

JKennedySLG · Posted: Fri May 15, 2009 11:52 am Post subject:

If I'm correct you're looking to Purchase the property as apposed to a Refinance. Please clarify whether your looking to refinance a property you already own to purchase another home or if you're simply looking to purchase the property which you are currently renting. I hope I can help...

Guest

1) You couldn't help me, I live in Northwest Arkansas and your lending territory is NY, NJ, SC, and FL.

2) I'll still try to explain situation in case you know of a broker or bank in this area who can help.

As stated before I purchased a manufactured home in 2005, my mortgage co is 21st Mortgage. For the past 3 1/2 yrs I've been residing on a friend's property. But now he is selling it at a price I cannot even contemplate, let alone try to buy.

I have till the end of June to find another place to move my home to. So I went out in the surrounding area looking. There aren't any mobile home parks in this area, so that was out. But I did find 2 - 5 acre parcels for approximately the same price, and one of them really captured my heart.

However, being realistic I'm not getting deeply involved [you know dreaming what can be done with it] in planning or anything like that. Anyway, there had been a manufactured home on it - it burned down sometime last year - so it has septic/sewer, water, utilities plus an really nice barn [inside and out] and a storage shed, garden area and pasture. It also has an AWESOME tree for a treehouse. :>D

So what I need is either to get a totally separate loan for it, OR combine my home loan with the land loan, which I would really like to do.

I have $2000 saved, but I'll have to move my home which will cost between $3000 to $5000; plus another $3000 to $5000 for a permanent foundation. So not much money to go around.

However, I've never missed a payment or been late paying any payment on my home.

So there you have it. I don't want to go into an horrific amount of debt but my babies need a permanent place to be and this is the only way I can think of. I work 8 to 12 hours daily, I do not have any credit card debt, no car payments, etc. Just normal living expenses, car insurance, and my home payment.

Oh I did contact Ameridream, haven't heard back from them yet. And that is it. So if you know of anyone here in NW Arkansas, or whose territory includes AR, please could you let me know through this forum. Thank you.

smithsussane · Posted: Fri May 15, 2009 10:49 pm Post subject:

Hi Christina!

Welcome to forums!

As far as I know, you won't be able to get a loan through which you can combine both the loans. You will have to take a separate loan for buying the land. You can contact the lenders of your area and check out what type of rates and terms they are offering you for a land loan.

You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether you would get a loan or not. This consultation will also help you in knowing the present market rates and terms.

Feel free to ask if you have further queries.

Sussane

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