I AM INTERESTED IN THIS PROPERTY THAT HAS A MANUFACTURED HOME ON IT WITH A 4-5 STALL POLE BARN,FENCED IN LOT WITH AN ASPHALT DRIVEWAY. THIS IS ALL ON ABOUT 2 ACRES. I NEED TO FIND A LENDER THAT CAN HELP ME OBTAIN THIS WITH LITTLE MONEY DOWN.
For it to qualify it will need to appraise and be on a permanent foundation (at least this has been my experience as a Realtor). Make sure you find a loan officer that offers FHA or Conv. fixed rate 95% to 100% loans and ask your loan officer all your questions such as what are your closing cost. Another option for saving money out of your pocket is to have the Seller pay your closing cost. Good Luck to you and I hope this info. is helpful to you.
Where can I get an FHA mortgage for a manufactured home on 2 acres.?
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DO NOT BUY A MANUFACTURED HOME…. I REPEAT DO NOT BUY A MANUFACTURED HOME!!!!!
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Try this website to get you started:
http://www.manuhome.com/faq.htm
It will link you to Flagstar Bank. The company I used to work for sold all of our manufactured home loans to Flagstar. Manufactured homes can be a risk because not every company will provide financing for them and those that do may charge a higher rate to do so. This can make them difficult to refinance or sell later. But they are becoming more common, especially in Washington and Oregon.
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First, mobile homes are not considered by most banks as "improved" real estate, meaning they are just big pieces of personal property, and FHA does not insure personal property. Second, in these times if you want to put little money down you will pay for it with a high interest rate. Best place to find a lender for you might be to call manufactures of new mobile homes and see who they use on a regular basis… or buy a traditional single family home.
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I am a licensed Real Estate agent in CO and AZ.
For it to qualify it will need to appraise and be on a permanent foundation (at least this has been my experience as a Realtor). Make sure you find a loan officer that offers FHA or Conv. fixed rate 95% to 100% loans and ask your loan officer all your questions such as what are your closing cost. Another option for saving money out of your pocket is to have the Seller pay your closing cost. Good Luck to you and I hope this info. is helpful to you.
References :
http://wilmarket.wordpress.com/2008/01/04/are-you-thinking-of-buying-a-home-in-2008/
Can the property appraise without the manufactured home? If it can, you should be o.k.
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