Posted on: 28th Sep, 2009 11:57 am
We purchased a couple of lots with 1970 mobile (Not on a permanent foundation) on it that we had planned to rent. We have just about completed the remodel project it needed and now our 18 year old son is interested in purchasing it from us so he doesn't have to continue to pay rent. We are considering selling the mobile but not the land to him for appx. $8000. What type of loan would he need to apply for and what interest rates would be available? He would be able to pay 10% down. If we close before the end of Nov. would this qualify for the 1st time home buyers tax credit?
I am not an expert in mobile home financing, but I have heard that many lenders will not touch a mobile home that is as old as the one you are referring to.
It largely comes down to income, credit history and security. If he's looking to purchase the mobile home, but not the land, a home loan may be a problem
