Posted on: 16th May, 2010 11:17 pm
We purchased a home 1 yr ago and just recently the property behind us became available. It is currently a rental property. The owner contacted us personally knowing we were interested in buying the property. It is a doublewide on 5 acres. The doublewide is NOT on a permanent foundation. We would love to purchase this property to rent. However, we have not gained enough equity to purchase the home and of course do not have the cash either, after purchasing our home so recently. What other options do we have? We only have about 10k in equity built up and I'm assuming it doesn't qualify for a HUD loan because it isn't on a foundation. Can we get a personal property loan to cover the doublewide as well as the land? Or would it have to be 2 separate loans? By the way, the property is only priced at 30k (as a personal favor to us from the current owner).
you can contact the seller and go for a owner financing. you will have to pay the mortgage dues to the owner. then, after a certain period of time as agreed by you and the seller, you can refinance the mortgage in your name.
to know more about owner financing, check out the given page:
http://www.mortgagefit.com/owner-financing.html
to know more about owner financing, check out the given page:
http://www.mortgagefit.com/owner-financing.html