Posted on: 09th Dec, 2007 06:39 pm
I am looking to purchase a used mobile home on 13 acres of land. What are my likely loan options going to be? The home is a 1995 model. The asking price is $85,000.00. The land alone is worth the price.
Hello Cary,
You may try for the Title 1 program offered by HUD. To be eligible for this loan, the home has to be used as your principal residence. You should have a good credit score to qualify for the loan at an affordable interest rate.
However, the maximum loan amount that you may avail under this program is not more than $ 64,800 for purchasing both the mobile home as well as the land.
For further details on this program, you may look here http://www.hud.gov/offices/hsg/sfh/title/repair.cfm
You may try for the Title 1 program offered by HUD. To be eligible for this loan, the home has to be used as your principal residence. You should have a good credit score to qualify for the loan at an affordable interest rate.
However, the maximum loan amount that you may avail under this program is not more than $ 64,800 for purchasing both the mobile home as well as the land.
For further details on this program, you may look here http://www.hud.gov/offices/hsg/sfh/title/repair.cfm
That sounds like a simple enough FHA purchase transaction. 97% Financing, 6% Seller concessions for closing costs. THe 3% down can also be gifted from seller using a down payment assistance not for profit company.
You can get intot this property with no money out of your pocket if seller is willing to work with you.
You can get intot this property with no money out of your pocket if seller is willing to work with you.
That sounds like a simple enough FHA purchase transaction. 97% Financing, 6% Seller concessions for closing costs. THe 3% down can also be gifted from seller using a down payment assistance not for profit company.
You can get intot this property with no money out of your pocket if seller is willing to work with you.
_________________
Chris, how should I move forward with this?
You can get intot this property with no money out of your pocket if seller is willing to work with you.
_________________
Chris, how should I move forward with this?
Gary,
This can be done as long as you are not buying it from a dealer. I have done many transactions like your up to 145k. It will matter if the home is single wide or double wide as well if it is listed in th county as real property or mobile home and land are listed seperate.. You can find out by asking the seller if there are 2 tax bills every year or one.. One property tax bill means it is listed as real property.
Keep in mind that even though it is a 10 acre lot, it may not make value if it is a single wide home and that could be problem depending on the comparables in that area..
Gerald Gonzales
Mortgage Concepts
915-491-1063
915-774-8721
[Promotional text deleted as per forum rules. Thanks.]
This can be done as long as you are not buying it from a dealer. I have done many transactions like your up to 145k. It will matter if the home is single wide or double wide as well if it is listed in th county as real property or mobile home and land are listed seperate.. You can find out by asking the seller if there are 2 tax bills every year or one.. One property tax bill means it is listed as real property.
Keep in mind that even though it is a 10 acre lot, it may not make value if it is a single wide home and that could be problem depending on the comparables in that area..
Gerald Gonzales
Mortgage Concepts
915-491-1063
915-774-8721
[Promotional text deleted as per forum rules. Thanks.]