Me and My girlfriend are students and she has a part-time job is it possible to get Financed to buy a manufactured home??
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Originally purchased Manufactured Home in 2000 in California. Non-predatory lending, put 5% down for 120,000 home (3BD/2BA). We refinanced for lower (fixed) rate in ‘08, w/ payoff of 3 credit cards & some cash out. Current loan balance is 0,000… but other manufactured homes are Short-Selling for K or less… and some are selling REO at ,000!!!! At this rate — we know we won’t see recovery for 30+ years (we won’t live that long).
We do NOT qualify for Short Sale (we tried), bank will not lower rate (which isn’t really the problem). We technically CAN afford our monthly payment — HOWEVER, our home is on a Land-Leased program, where we pay IN ADDITION to the mortgage….. 0 per month!!! Since we are approaching our 10 year mark living here — the Land Lease is jumping UP to 4!!!!
We have 5 kids (ages 14 – 4) and we feel like we are throwing GOOD MONEY at BAD. We know the 7-year rule about credit damage… but frankly – that is easier to swallow than 30+ years… and leaving a burden for our children.
By foreclosing and choosing to RENT — we can save money for our kids college education… rather than throw underwater-mortgage money PLUS land lease rent away each month for something will will NEVER own. Refinance was 82/18, so it is FHA technically. Bank will recoup from FHA, but can/will FHA/HUD seek DEFICIENCY JUDGMENT since government programs are not bound by Calif Law (ie, non-recourse)???
Thanks so much!!
FHA does not do refi’s? Then, why are my Loan Docs on HUD forms, and why do I have MIP (mortgage ins premium) taken each month?
I think I find my answer:
http://www.foreclosureoptionsnetwork.com/index.php/news-blog
If a homeowner refinances the property with a new loan this then becomes a recourse loan. Often with a refinance there is an equity withdrawal sometimes called a "cash out" refinance. A recourse loan means that the bank or lender now has recourse from the homeowner. In the state of California the bank or lender typically foreclosure by Deed of Trust or Non-Judicial foreclosure. Therefore the ‘recourse’ isn’t typically pursued with a Non-Judicial Foreclosure for a lender in first position, even with a ‘recourse’ loan.
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Quoting:
"Caterpillar Inc. is considering relocating some heavy-equipment overseas production to a new U.S. plant, part of a growing movement among manufacturers to bring more operations back home — a shift that will likely spark fierce competition among states for new manufacturing jobs."
http://finance.yahoo.com/career-work/article/109067/caterpillar-joins-onshoring-trend?mod=career-leadership
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r.m. is a very beautiful and expense town with great amenties for residents. we want to vacation once a month, then eventually live full time. ,000 1200 sq ft 2 + den, all turn key.
rent to the city for space and all exterior maint is 0.00 per month. this seems like a good deal as i can use the tax write off? all ages park, 40 acres, 200 units, SPACED OUT, not crowded.
is this ok. owner financing. thanks
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My husband makes a little over 24,000 a year, we have 3 kids and not so good credit. I really want to buy a house or even a manufactured home. I just want to own my own home! What are my chances of getting a first time home buyers loan? Will I ever achieve my dream of owning a home?
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We are considering buying a manufactured home on a great piece of land in an upscale neighborhood for cash. It seems to be a good deal even though I know manufactured homes are looked down upon when it comes to resale value. The title search at the county revealed that next to serial # and HUD label it stated PERMANENT FOUNDATION-18551.
If we try to resell the land + manufactured home later, will a mortgage company finance both for a new buyer?
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we are thinking about buying a mobile or manufactured home through hud home loans if thats possible. What kind of things do HUD look for when it comes to people buying mobile homes through their loan programs. I know it must be anchored to the ground and have a secure permanent foundation but I don’t really know anything else? Does anyone know what qualifications a mobile home must meet in order to be approved for a loan to buy?
Will they even consider giving us a loan for a mobile home with acreage ?
I am a first time buyer, will this prove to be difficult for me?
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We have a problem. A 10 acre piece of land with lots of improvements that is selling for 5K, with a small 1100 sq ft manufactured home on it.
The manufactured home limits us to a loan of 7K (about 0 cash out after costs). We only have about 0K for a down-payment.
PROBLEM 1: The manufactured loan rates are very high and seller wont pay them down.
PROBLEM 2: The property will appraise low now at about 0K max.
PROBLEM 3: The loan limits us to how much we can pay and the owner wants to carry the balance above the appraised value at a high rate.
PROBLEM 4: Seller wont come down on his price, pay down loans or be flexible.
Any ideas (besides finding another place)? When will the new loan limits on manufactured homes go up? I understand it is soon? Will the rates be lower on them or about the same as now – a half point or so higher? We have 00 mo income and credit score of 780.
Thanks
We want to buy this property because it has fabulous horse set up. New barn, fences, irrigation systems, pond, arena and huge septic and well. Manufactured home will be eventually torn down to build a new home for us.
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Hello all, I’m looking to buy my first home before the tax credit expires (again) in May 2010. I’ve been looking, and I think the route I want to pursue is to buy a used double-wide being sold to be moved from a private individual. My question is how likely am I to get financing to do this? I’ve heard it’s difficult, and I need to know the steps I need to take to get everything financed together (home, land, septic and setup). Also, what kind of down payment should I expect? Would I be eligible for an FHA loan which only requires 3.5%? Stick built homes are expensive around here and new manufactured homes are expensive too.
Thanks for your help!
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why do u have to have a higher credit score to get one? there tellingme i need a credit score of 680 or higher to get a manufactured home.
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im a long time user on here, just dont post much
ok, i bought a 2005 honda civic si in november 2007, it had 15,000miles on it when i got it. it ran great till the end of this last may, when all of the sudden the car just bogged down and died while i was driving it only had just over 19,000 miles on it.
i had it towed to the honda dealershhip i bought it from the next day.
they waited 2 days before they even looked at the car, then after they decided they couldnt figure it out they called american honda to see if warrenty would cover it. turns out i was 6 months out of warrenty.
so the car sat there a couple more days and then they decided theyed do a certified used car warrenty for it instead of a manufacture warrenty.
they tore the engine down, and somehow water got in the engine and the whole thing was rusted out. the cams were almost non existent so it had been that way for quite awhile. they couldnt figure out how it happened.
they ordered in an entire new engine, it was supposed to take 2 days to get in, honda didnt even send it out till 5 days later so it took 2 weeks for it to get in. after the engine got in they put it in and it still wouldnt run. they said the fuel injecters were bad so they oredered that in and 2 weeks later the car was running.
that was the first time it was in the shop, alltogether it was just under 2 months of me not haveing a car.
6 days later the car does the same damn thing, they towed it to the shop. the starter was fried so they replaced that, it took a week.
they called me last thursday at 8:30 at night and said it was ready. starts up runs good, 4 miles down the road the car stalls and i have to push it into a parking lot. as im pushing the car smoke starts pouring out from under the hood, the bater and the starter literally burned out.
had it towed back that night, they replaced what broke and i got it back yesterday. today im comeing home from work and it stalls in the middle of an intersection and i almost got tboned by an f150.
iv called american honda to see if they could get me out of the finance and give me my money back. they said because its under a certified used car warrenty that they cant do anything and that all they will do is continue to fix it.
they have put 9k$ into this car to fix it and its only worth 12k.
iv tried to talk to lawyers but they all want me to pay up front before they even listen to what i have to say.
i really dont know what to do at this point. and im about to lose my job because i have no way to get there.
whats all your oppinions on this?
well i crashed it today, completely unintentionaly tho.
i was comeing up to a turn about 50mph and lost all power, no power steering or breaks and the motor stopped. i couldnt keep it on the road and hopped a 15" curb.
i dont think its enough for them to total it. it blew both right side tires, knocked the front bumper off and bent the right front rim. they havnt looked to see if there was any axle or frame damage yet because there concerned why it stopped.
my biggest concern thos is the airbags didnt deploy, i hit it had enough for them to come out. i busted my head open on the steering wheel because of it.
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Already checked Quicken and many others. Most investors don’t offer loans on manufactured homes
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Do you think when imports suddenly become way more expensive due to the collapse of our (US) currency and The World’s unwillingness to loan U.S. any more money (finance the National Debt), it will result in invigorating our domestic manufacturing and service industries?
Important jobs like mule-breeder (for agriculture) & farm hands, Iceman (when cap&trade eliminates electricity), train conductor when everyone must use mass transit because nobody can afford gasoline any more, and of course Bread Line Monitor because large crowds require security personnel. And don’t forget prison guards. The prison growth industry has a very bright future.
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