Posted on: 30th Jul, 2009 08:26 am
I AM SELLING MY MANUFACTURED HOME ON A PERMENANT FOUNDATION TO AN INDIVIDUAL WHO ONLY HAS 3.5% DOWN. HIS CREDIT IS GOOD (LOW 700'S). THE HOME IS IN WEST VIRGINIA. WHAT DO I DO?
Hi,
I think the buyer can go for an FHA loan. As far as I'm aware of, FHA offers Title 1 loans to borrowers to make the purchase of a mobile home. It requires the borrower to put down only 3.5% of the purchase price. The credit score required to qualify for an FHA loan is just 620. So, in terms of credit and down payment, the buyer should qualify for the loan.
I think the buyer can go for an FHA loan. As far as I'm aware of, FHA offers Title 1 loans to borrowers to make the purchase of a mobile home. It requires the borrower to put down only 3.5% of the purchase price. The credit score required to qualify for an FHA loan is just 620. So, in terms of credit and down payment, the buyer should qualify for the loan.
credit score is very good. He can go for lower down payment but in that case will require to pay private mortgage insurance which protects the lender in case he fails to pay off the mortgage.