by Kevin King » Wed Nov 28, 2007 04:01 pm
Hi,
I am planning to buy a Mobile Home as my budget is small but I would like to own a home as I am fed up of paying rent month after month. Does any one know about companies which provide loans against Mobile Homes? If yes then what are the options and is there any other relevant information which I should need? Thanks in advance!
I am planning to buy a Mobile Home as my budget is small but I would like to own a home as I am fed up of paying rent month after month. Does any one know about companies which provide loans against Mobile Homes? If yes then what are the options and is there any other relevant information which I should need? Thanks in advance!
Posted: Thu Nov 29, 2007 12:34 pm Post Subject:
Good morning, and welcome, I hope others will weigh in on this, but you might try the 'sister' site...look at the top of this page, Debt Forums | Mortgage Forums | Credit Forums, they may be of more help, although I'm sure there are some posters here with good advise as well...so check back here too...
Posted: Thu Nov 29, 2007 01:19 pm Post Subject:
Hi,
I think you may go for a Title I program offered by HUD. But they will require your mobile home to be placed on land owned by you and not rented land. You can get a loan either for the purchase of only the home or only the lot or both the home as well as the lot.
Posted: Sun Dec 02, 2007 04:28 pm Post Subject:
We live in a double wide and it is considered a mobile home, my mortgage company listed it as a single level family home. I think they did that because it was on the property and set up with foundation at the time that we redid our mortgage. I don't know how this would work on a new purchase.
My sister recently moved her double wide, she can't get a complete mortgage until she has it set up on foundation and it is on the deed of the property, they will then consider giving her what she refers to as a real mortgage versus a regular loan. She wants to consolidate and this moving and setting up again is breaking her, she has over $38,000 in the foundation alone because of all the permits and zoning laws that are out there now, of course they did the entire home basement for improvements later.
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