Posted on: 30th Mar, 2010 07:55 pm
i own a home and i am looking to purchase another modular home and my first loan is a fha loan. So i will not be able to have two fha loans. what other options do i have with out a huge down payment. i own one acre of land and i was going to use the land for collateral for the down payment
If you already have a mortgage on one of your properties, it will be difficult for you to qualify for another home loan on a new property. You need to first check out with the lenders whether or not they would be ready to offer you a loan in such a situation. You can speak to the local lender or seek a no obligation free mortgage consultation from the lenders of this community. They will help you know whether or not you would get a loan.