Posted on: 14th Mar, 2010 04:32 pm
i am in process of purchasing a mobile home and do not have the money for down payment but was going to do the one dollar and a deed in compensation of the down payment, how does that work, does the apprasial price of my land come off the price of the mobile home? Please help me understand this procedure
Hi martha,
If you do not have the down payment, then it would be difficult for you to get a loan. However, you can ask your friends or relatives to gift you the money so that you can pay off the down payment and get a loan in your name. If you transfer the property to someone else, then the lender will not allow you to take a loan in your name. The person who owns the property will have to take the loan in his name.
Thanks
If you do not have the down payment, then it would be difficult for you to get a loan. However, you can ask your friends or relatives to gift you the money so that you can pay off the down payment and get a loan in your name. If you transfer the property to someone else, then the lender will not allow you to take a loan in your name. The person who owns the property will have to take the loan in his name.
Thanks
this means you lose your land if you dont pay off the mobel home right?
Hi tonya,
If you had taken a land loan in order to buy your mobile home and cannot pay off the dues, then the lender would foreclose the land in order to recover his payments.
Thanks
If you had taken a land loan in order to buy your mobile home and cannot pay off the dues, then the lender would foreclose the land in order to recover his payments.
Thanks
I RECENTLY PURCHASED A MOBILE HOME AND DISCOVERED THAT THE HOME NEEDS REPAIRS. CAN I USE THIS HOME AND A DEED ON LAND AS A DOWN PAYMENT ON A NEW MOBILE HOME?
Hi DGLENN!
Welcome to forums!
You cannot use a home or a land as down payment on your new mobile home. The lender will want to pay 20% down payment cash at the time of the closing of the loan.
Sussane
Welcome to forums!
You cannot use a home or a land as down payment on your new mobile home. The lender will want to pay 20% down payment cash at the time of the closing of the loan.
Sussane