that would prevent the sale. This is our first home. It is a manufactured home that is brand new, so there is no previous homeowner. We are so excited and nervous!
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We are buying a manufactured home in a wonderful upscale gated leased/lot community in Southern California. Which lender offers the lowest rates for this type of purchase?
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My parents still owe on their house and 20 acres. If they put my name on the deed as 5% owner can I put a manufactured home on my part of the land? When I apply for a loan on the mfg. home can I say I own the land it is going on? Their home and land is outside city limits and not subject to zoning. We are looking for a way to avoid a home only loan on the manufactured home.
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My fiance and I found the perfect house, in a perfect area, with the perfect price. It’s spacious, which is great, since we have two kids and three dogs (one is a Dane). The house is 82k. My fiance makes 50k/year. I make whatever comes my way doing web design. Our credit scores are in the low 500’s. We have no money saved up (this kind of showed up outta the blue). We go see the inside on Monday, and I already know I want this house. We can’t get a bank loan, besides our credit, because the house is deemed unlivable. It has no heat (yet) and there is some electricity and carpentry that needs to be done. I have a handy family, so, to me, it doesn’t sound like a big deal. However, I don’t know on what grounds they are deeming it unlivable. If we go Monday, and it’s a wreck upstairs (the downstairs is fine, from what we could see through the windows), we’ll say no. If it is something my family can fix, then we’ll say heck yeah! I’ll live downstairs until the upstairs is done, for all I care. Now, here’s the big problem. Like I said, crap credit and no money. My dad can’t help, he has his own house and father to care for, my mother has no job, but has pristine credit. My step father has great credit and gets paid a good bit, but he owns three houses, and I was told lenders looked down on that. If we like the house, we’re going to talk to my future mother in law’s real estate agent. She has crap credit too, but bought her 90k house with no money down. I hate to sit idle, though. I need to know if there is something we can do. I looked at hard money lenders, home equity loans, and home equity lines of credit. I’m buying an ebook tomorrow that gives me access to sub-prime lenders. Is there anything else I can do? Any realty agents on here that might know? We have never gone bankrupt or foreclosed, will I need a Letter of Explanation? If we can’t get this house, then we’ll build our credit and money for two years and get a manufactured home. We’ll put it right in the utopia town we found. But for now, if there is something we can do, I want to do it. I’m not giving up just because I made some stupid mistakes when I was 18. Thank you to everyone who replies to this! Oh, and thanks for reading all that, it was a lot, ha ha!
And I hate that freakin spell checker… It’s as bad as that paper clip on Microsoft Word…
One more thing, we would like to be able to get a loan in addition to the mortgage to fix up the house and put a furnace in… or a wood stove.
Wow, awesome responses so far, thanks all. Apparently my score is in the higher 500’s. Unfortunately, it’s still bad, plus I’m not technically employed. It’s my fiance’s score that really matters, I think.
We also have a car loan that’s all paid on time, so I hope that looks good.
Mrswearing- the furniture idea’s a great one. I like buying stuff too haha. I think I’ll try that.
Sylvia- you definitely made me feel inspired! I’ll check up on that info!
Kemperk- well, what happened was I turned 18 and got cell phone plans and whatnot… I also don’t like having a boss, so I couldn’t keep a job. That’s why I work for myself 
Members of my family build houses, so depending on what needs to be done, I should be good there.
Thanks again everyone!
Turns out, I have options. FHA can approve the loan if we give them 5% down. That money can come from a relative, as well, as a "gift". Now all we need to do is see the house to see if it’s worth it.
Thanks
Oh and to the first person who responded, Sub-prime lenders do still exist, there just aren’t many of them. That ebook was worth the 17 bucks. Lol, I’m not that poor.
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I need info on FHA loans, like I am a little familiar with what they are and how they work.
But, can you get an FHA loan for a manufactured home? It’s not a mobile home, its a manufactured home that is permanently affixed to the ground..but anyways, would I be able to even get an FHA loan right now with the economy or is th Media making it sound alot worse than it is?
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My husband and I applied for a home loan pre-approval a week ago. They said that we would qualify but we are still waiting on them to contact us with the actually numbers. This was for a manufactured home. Well, after much discussion we decided that we could be beter off just buying a modest 2.3 bedroom house that needs a little work and do the work ourselves. So, today I applied for a pre-approval FHA loan online with a local mortgage company. Did I just hurt our credit by doing this?/ Lessing the chances we will get either loan?? I know that applying for credit hurts your score but how much does it hurt it?? these are the only two times we have applied for credit in the last six months, with the exception of a Walmart Card…
Thanks!!!
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If my parents gift me an acre of their land outside the city limits and they still owe on the land, does that mean I can consider that acre to be in my name, therefore use it to obtain an FHA loan for a manufactured home? Right now I have to get a Chattel loan since I don’t own the land. The interest rate on a Chattel loan is 2.5% higher than an FHA and that sucks. What are my options?
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I was wondering if anyone could tell me a good place to go thru to get a equity loan. I live in a manufactured home on a fixe foundation. It is paid for. I’m wanting to get a loan to pay off my bills that I really need to pay off. I live in Indiana. Thanks for your help in advance.
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Have I messed up by applying for two different home loan pre-approvals?
My husband and I applied for a home loan pre-approval a week ago. They said that we would qualify but we are still waiting on them to contact us with the actually numbers. This was for a manufactured home. Well, after much discussion we decided that we could be beter off just buying a modest 2.3 bedroom house that needs a little work and do the work ourselves. So, today I applied for a pre-approval FHA loan online with a local mortgage company. Did I just hurt our credit by doing this?/ Lessing the chances we will get either loan?? I know that applying for credit hurts your score but how much does it hurt it?? these are the only two times we have applied for credit in the last six months, with the exception of a Walmart Card…
Thanks!!!
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I want to move now. Found the house we want to buy, looking into the financing. One problem – can’t get rid of the place we’re in now and park prohibits sub-letting…also I refuse to put one more cent into this money pit as the loan is upside down…
Is it illegal to foreclose on a mortgage when you still have a job, (no financial crisis), simply because it won’t sell and it is appraised / assessed for less than owed to the mortage company?
What I want to do is get into the new place, then come back to the old place and gut every upgrade I put into it to use in my new home (I put k into the manufactured home 5 years ago). I figured it is mine to do so – but with the intent to stop paying the rent / mortgage once out… Could you have criminal charges pressed against you by your old lender for intent to foreclose? Is this like racking up the credit card before filing bankruptcy? I know that that is illegal – is this the same??
If yes. Then what options do I have? I do not want to live in this park community anymore..
Thanks for anyone’s information regarding my question.
Here’s the deal. I have found another house I want to buy. This one I have now won’t sell and is not worth what I owe. Now, I would not consider foreclosing until AFTER I got into the new mortgage and then drop off the old one a couple months later (that is if the old place doesn’t sell).
Is that illegal?
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I was recently working with a mortgage broker to refinance my current mortgage. Everything was fine.. credit score, income, equity etc. The broker was very careful to check into everything prior to ordering an appraisal, a fee I was required to pay up front (0). The appraiser came, did his job. I get a call from the broker today, and although we have not yet recieved the completed apraisal, she informs me that she has some bad news. Since my home is a manufactured home (on a permanent foundation and considered real property), she now tells me that the wholesale lenders she goes through do not loan on this type of home. She appologized, said she should have asked me this, knowing that there are many homes of this sort in my area. I asked about what happens with the appraisal fee.. It’s my feeling that the brokerage should pay this fee and refund the money to me since this was not my fault. I could understand if my loan was denied after going to underwriting for some reason, but this was an oversight on her part… What should I do?? Thank you!
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We bought a home 5 years ago and we are trying to sell it. We recently discovered that the loan we were given wasn’t a mortgage, and the back of the loan says that "collateral not to be used as primary residence". That’s confusing, we live in a manufactured home in a trailer park, is this standard procedure, we are upset because this means our loan is now not assumable, and it’s really hard to find a buyer. Does anybody know if this is normal, or was I suckered into the wrong type of loan? Can I get in trouble for this, and will this affect selling my home?
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Is it possible to buy a piece of land plus a new manufactured home with an FHA loan? I would plan on having the home there permanately.. say a foundation. But, is it possible to buy the land and the new home all on one fha mortgage?
I wanted to buy a good bit of land, so I can eventually build a boarding kennel (business).
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I am buying a manufactured home in a upscale park in California, looking for a lender with the lowest rate of interest with good customer service for the long haul. I am not buying the land, just renting the land, so need a loan for only the home.
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We live in a manufactured home that is approximately 13 years old. We have just found out that we have a "50 year roof" but that 2 skylights were not installed properly and are causing leaks. We don’t have the money to replace the roof and skylights and cannot get a loan to cover the expense. What can we do to minimize the damage of the leaks? Neither my husband or I have the skills for doing the reroof ourselves.
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Long story short- five years ago I was a stay at home mom, living in an apartment in one of the most expensive areas of the US. you could not buy a 2 bedroom house for less than 0,000, so my husband and I bought a three bedroom 2 bath manufactured home which has been great. We have been approved to buy a house and have the down payment and were counting on the management buying our house and then renting it out which they have done many times in the past. The problem is that they gave me such a low offer on my home it was insulting and not even half of what I could sell it for. We are not able to sub lease ( we rent our land and pay mortgage on the home) and would love to rent it out but cant. I also know that no one will buy it right now because the payments would be the same as house. I am seriously considering just buying a house and letting them foreclose on my modular. I know it would screw up my excellent credit which my husband and i have always worked hard to maintain. but I just know now is the time to buy and by the time I sit around and wait for someone to buy my house, home prices will be back up again. Is this a reasonable thing to consider? my options are so limited and I am trapped in my current loan! Any good ideas or suggestions? i am willing to do anything to get out from under this and into a house I have always wanted.
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The adjuster came out and said State Farm would decide on a repair figure on the home and contents, then apply applicable depreciation and cut them a check. There is a loan against the property. I don’t believe my parents will have enough to properly repair the home since the State Farm adjuster is representing the interests of the insurance company. Are we entitled to have independent adjusters come in for other assessments? One of these independents came in behind State Farm and told us he could get us a better deal with commissions being paid by State Farm on the dwelling, and my family from the contents portion of the settlement. He showed ID that he was licensed by the CA Dept of Insurance. I am the most concerned about the dwelling because if they total it, my parents won’t get enough to replace it. They needed to sell them home this July because of a decrease in income. The claim now needs to be disclosed to a buyer. We want a new manufactured home instead of repair.
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The adjuster came out and said State Farm would decide on a repair figure on the home and contents, then apply applicable depreciation and cut them a check. There is a loan against the property. I don’t believe my parents will have enough to properly repair the home since the State Farm adjuster is representing the interests of the insurance company. Are we entitled to have independent adjusters come in for other assessments? One of these independents came in behind State Farm and told us he could get us a better deal with commissions being paid by State Farm on the dwelling, and my family from the contents portion of the settlement. He showed ID that he was licensed by the CA Dept of Insurance. I am the most concerned about the dwelling because if they total it, my parents won’t get enough to replace it. They needed to sell them home this July because of a decrease in income. The claim now needs to be disclosed to a buyer. We want a new manufactured home instead of repair.
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The manufactured home with land in Minnesota. We have 620 middle score and have 10-15%downpayment. Is there anyone out there that can do this loan.
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My wife and I have existing debt (Some credit card, auto loan -mostly paid off w/ equity-, and student loans). Can we get a first time home loan with 0 down, and consolidate our debt into that loan? All together comes to about ,000
I am a veteran and am qualified for a VA loan more than likely
We have decent/good credit.
Also we are looking at a manufactured home with land combo valued at 0,000 … In a growing town in Washington state.
We make aprox ,200 together a month.
What if it appraises at higher?
So how is it determined how much it is that you get in your loan?
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