Can i buy it with a mortgage type loan cuz they told me to look at houses and that are single wides or doublewides or manufactured homes but it is on a block foundation and dont know what my options are
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I recently started the refinancing process of my home, located in Charlotte, and now have told that it must meet the HUD foundation requirements for manufactured homes. I have lived in my home for years with no problems, so what are these requirements and why are they needed?
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My husband and I are on the lower income side, and also don’t have the best credit. We currently rent for very cheap actually, but the place is very small and with our 2 children and one on the way, it is simply not going to work for us anymore.
We have found a doublewide for sale in our area. It is a 1989 sitting on 1 acre with a basement for the price of ,900. We think it is a good deal, needs cleans up, but perfect for us with 4 bedrooms! It is really about all we could afford at this time.
However, I have heard that the interest rates on manufactured homes are much more than with traditional home loans, and since doublewides depreciate so quickly, is it wise to purchase to purchase this 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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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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Already checked Quicken and many others. Most investors don’t offer loans on manufactured homes
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I am interested in purchasing manufactured homes (mobile homes) on loans, and create a mobile home park. How do I go about it? Where can I buy the houses at factory prices? What permits, licenses do I need? What kind of loans should I get? What is the minimum down payment required? I want to start with five, then use the profits to purchase more mobile homes. Must be in Ohio for the time being. With more money, I will consider other states. Another option I have thought of is apartment houses from Ritz-Craft. Advices given would be appreciated. Landlords or owners of apartments and rentals only. No people thinking they know what they are talking about, please.
And I do not want to live on the same property among the tenants.
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My wife and I both enjoy excellent credit and we desire to purchase a doublewide manufactured home. However, there seems to be a problem with finding lenders for manufactured homes. One lender offered us 25 yrs at 11% with 10% down. Thats insane to me. Our credit scores ( high 700s) calls for a rate far lower even if it is a manufactured home.
Can someone out there with experience help us? We need some lending institutions that WILL finance a manufactured home so we can find the best rate possible.
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In applying for a home loan Iam told that manufactured homes are often not common loan options but Modular is, how do you know the diffrence? and what is this metal plate suppose to on these homes ,, what am I looking for when looking for this plate
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Years ago my husband and I purchased a manufactured home- at the time I was naive, thinking that at least it would be money we wouldn't be throwing away on rent. Now here we are, 9 years later, paying high interest and only per month comes off the principal! I received information from an insitution which specializes in manufactured homes- I filled out an application, and now I am told that even though 1. Our Credit is Stellar, and 2. Our income is just perfect, they will NOT finance us since our home is worth less than we owe. So now what?!?!?!? Our local banker believes they set our monthly payment to low, and that is why we aren't paying down our principal. Our monthly payment is what we can handle, I can't really afford to pay more each month.We own land that we could move the home on, would that make it more valuable so we could refinance? Any tips from those of you who have similar problems or a background in refinancing? Thank you In advance!
We own a single-wide Wick home, it is a 1999, we ordered it brand new. Hope this may help….
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