Was just wondering if anyone would know if it was possible to buy land through a conventional loan, and then use a FHA loan to pay for the manufactured house?
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i live in west virginia. i am wanting to buy a manufactured home. can i get an FHA loan?
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My fiance and I found a place on almost 3 acres and they’re not even asking 70,000 for it! His credit isn’t bad, but it’s not the best and mine is not even worth trying. The banks won’t even touch it and I was wondering if anyone knew of a company that will do an FHA loan on the house. He’s planning on putting a down payment as well.
It was built in 2002. If we can’t do the FHA loan, then what would be the best way to go?
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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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We recently looked at a manufactured home (mobile home on private land) which is different from a modular home. We paid 300 bucks for the inspection and then the bank decided to tell us we could not get an FHA loan for a manufactured home. Is a modular home covered by FHA loans? We found another home that is awesome, but are unsure if we can get the house or not. I could wait until tomorrow to found out the answer, but I am too impatient LOL. So can I get an FHA loan for a modular home?
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Im trying to find a bank that will finance a doublewide on perm. foundation with 1.5 acres.Id like to apply for FHA loan. I live in central Al. Does anyone know who i can go to??
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We purchased a new mobile home 9 years ago. At that time, we financed approx. ,000, a 30-year mortage, with the fixed interest rate of 9.25%. Our montly payment is only 0. Here it is, nearly 10 years later, we still owe ,000 and no bank will refinance because they say the home is not worth it. SO, I’ve been making add’l payments, usually about an extra a month. My question is, when I apply that add’l pymt. (which is on a separate check and indicates "add’l principal") why does nearly all of my initial 0 pymt. go to interest?
If I only make my 0 payment, more goes towards the principal. I’m not making headway either way it seems. I don’t understand this. We were young & naive when we bought this home, and now we’re stuck.
Currently we do not own the land it is on, but we do own 6 acres that we plan to move the home onto. Would this qualify me for a FHA loan then?
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We were looking into buying a home from a company. We had been denied an FHA loan initially with a lender. We decided to look into the option of a modular home because they had a different set of financing.
We were approved easily enough and everything sounds great.
No down payment. (up front)
No closing cost.
But the catch is, we give them the 8,000 dollar house credit we will recieve "as the down payment."
Now, I may be thinking about this all wrong, but with the amount of our loan, the fact that it is FHA (through them) and the closing cost I really don't think all that would add up to 8,000.
When we looked at a similar house, they quoted us at around 3,000 dollars as a down payment for the FHA loan.
Even if our closing costs were 3,000 dollars that still doesn't add up to the 8,000 that they're asking from us in the end..
Is there something I'm over looking in the procedure that makes this a good deal or am I right about my gut instinct that something seems fishy?
Thanks in advance!
What I'm wondering about is if this is actually a reasonable deal? We've never bought a home before so we don't know all the fees and other things that go along with it. For all I know, 8,000 dollars is the right amount to make it happen. I'm just not entirely sure. It would be great b/c we don't have a down payment at the moment, but I'm unsure.
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