Posted on: 10th Apr, 2009 10:48 am
to sell before being able to qualify for a loan on ground/mobile. How do I buy ground, have a mobile put there on a foundation and have to sell my house at the same time? Is this doable? Or will I (sigh) have to sell my house then hurry up and find ground, have a foundation put down, and then buy the moblile. How do I go about getting a loan for land while I am still owning my current home. It is FHA assumable at 5.75 percent. Not much equity as we refied in January 09.
My best suggestion would be to try your local bank. They may be able to work a bridge loan of some kind if there is enough equity in both properties.
Best to you and your efforts!
Best to you and your efforts!
Hi
If you can afford, you can buy a land, have a foundation put down, purchase a new mobile home and then sell off the old one. But in case the old home is not sold off quickly, you will have to carry on with the payments on both the mortgages. Moreover, qualifying for a new mortgage while there is already an outstanding mortgage on another property will not be easy. I think you should first sell off the property, pay off the mortgage on it and then go for a new mortgage for the land and new mobile home.
If you can afford, you can buy a land, have a foundation put down, purchase a new mobile home and then sell off the old one. But in case the old home is not sold off quickly, you will have to carry on with the payments on both the mortgages. Moreover, qualifying for a new mortgage while there is already an outstanding mortgage on another property will not be easy. I think you should first sell off the property, pay off the mortgage on it and then go for a new mortgage for the land and new mobile home.
