Posted on: 20th Jul, 2010 09:01 am
I OWN OWN 6 MOBILE HOMES ,IN WHICH I RENT 5. MY CREDIT IS NOT CURRENTLY GOOD. I OWN THE LAND AND HOMES FREE AND CLEAR NO MORTGAGES. THERE IS ABOUT 4 ACRES, AND HAVE ROOM FOR MORE UNDER A GRANDFATHER CLAUSE.MY HOME IS A DOUBLE WIDE IN GOOD CONDITION. I WOULD LIKE A MORE MODERN ONE AND MOVE MY CURRENT ONE TO ANOTHER SPOT HERE FOR RENTAL.MY ASKING PRICE FOR SELLING ALL WOULD BE NO LESS THAN $300,000.00. IS IT POSSIBLE FOR ME TO GET ANOTHER HOME WITHOUT GOING THROUGH THE MORTGAGE PROCESS USING THE EQUITY I HAVE ?
Hi LUVUAUCME,
In order to cash out the equity that you have in your property to buy a new mobile home, you'll have to go through the mortgage process. If you don't have a good credit score, it won't be possible for you to qualify for a mobile home loan.
Thanks,
Jerry
In order to cash out the equity that you have in your property to buy a new mobile home, you'll have to go through the mortgage process. If you don't have a good credit score, it won't be possible for you to qualify for a mobile home loan.
Thanks,
Jerry