Posted on: 27th Aug, 2010 08:27 pm
I am looking at pre owned mobiles on permanent foundations in a retirement community but I have no idea what is available for loans on these. I have been told that you need at least 20% down. I have good credit and I qualify for several types of loans but none that will loan on this type of property and I don't have a large amount of money to put down. How can I find out about mortgages or loans for these?
Hi radannd,
Welcome to mortgagefit
It is possible that with good credit you could be able to get a good deal for mobile home.If you have verifiable income source then I don't think you will have to put down large down payment. !0 % down payment could also work.
Here there are plenty of lenders available on this community. You can send them whole information required either by email or just sending PM to them.
here is the link of lenders available on the forum.
http://www.mortgagefit.com/lenders/dir/
DIPA
Welcome to mortgagefit
It is possible that with good credit you could be able to get a good deal for mobile home.If you have verifiable income source then I don't think you will have to put down large down payment. !0 % down payment could also work.
Here there are plenty of lenders available on this community. You can send them whole information required either by email or just sending PM to them.
here is the link of lenders available on the forum.
http://www.mortgagefit.com/lenders/dir/
DIPA
if you want to purchase a pre-owned mobile home which has a mortgage on it, then you should check whether or not there is 20% equity in the property. if there is no equity in the property, you won't be able to refinance the existing mortgage and transfer it in your name. you should contact any independent appraiser and appraise the property in order to know whether or not there is equity in your property. if there's no equity, then you won't qualify for a loan.