Posted on: 20th Sep, 2010 07:59 pm
hi my family is in need of a loan to purchase a mobile home with property. my husband has no credit and no income, i have limited income and good credit but we have very little for a down payment and closing cost. what do you suggest.
Hi maddewalt,
There are some sellers who may wish to go for 'owner financing' so you could search any of the listing in your area which is 'owner financing'.
Normally in this case seller is acting as lender as well as seller and thus he is happy that he will be getting the interest on the loan as well as fair value of the property.
But in these cases buyer should get an appraisal done before purchasing the property through either 3rd party independent authority or any bank located in your area.So you will get an estimate, from where you should start bargaining.
Feel free to ask any further query if you have.
DIPA
There are some sellers who may wish to go for 'owner financing' so you could search any of the listing in your area which is 'owner financing'.
Normally in this case seller is acting as lender as well as seller and thus he is happy that he will be getting the interest on the loan as well as fair value of the property.
But in these cases buyer should get an appraisal done before purchasing the property through either 3rd party independent authority or any bank located in your area.So you will get an estimate, from where you should start bargaining.
Feel free to ask any further query if you have.
DIPA