If your credit is perfect like you say it is, then you can get 100% financing on a home. There are a few lenders that offer up to 100% financing with a few types of programs. You might be able to get a straight 100% first, a combination of an 80% first with a 20% second mortgage. What you’ll need to do is find a GOOD mortgage broker that has lenders he works with that offer these programs. IF you go to banks your liable to get frustrated with them. Find a mortgage broker. He/she will shop your loan with several different lenders thay already work with.
As far as the MH goes, that’s another issue. You can either offer it with seller financing to get a faster sale, or you can try to find someone with decent to fair credit and get them approved for a new loan through the lender that financed it for you, or you can go through other lenders that loan on MH’s. Green Tree is one lender that will finance a buyer for you. You can get a few grand down from your buyer and have them get a new loan. That may take a little longer to sell that way, so you might consider owner financing it. Get as much down from your buyer as you can, and then structure their payments so they will be paying a little more per month than what your payments are. This way you get your MH sold faster, put a few thousand in your pocket, and collect a little extra income off the deal every month.
I know, I know, but what if my buyer stops paying me? Right? Well, THATS WONDERFUL! Now you get to get another buyer, with another few thousand down, and their payments start over from day one! You make MORE MONEY! Just think, if you had to resell that thing 5 or 6 times over before you found a buyer that stuck it out long enough to pay you off, you would make a killing off that thing!
If you get a buyer lined up, you can show his payments to you as additional income to help qualify for your new loan. Since your obligated for the loan while your buyer is paying you off, you can use 75% of those payments as income on top of any income your already earning. So if it’s possible, try to structure the payments from your buyer to be as close to 25% higher than what your payment on the MH is. If it’s as nice as you say it is, you could find someone that can afford it and be willing to pay it since your selling on terms by offering owner financing. Terms sell.
I don’t know if this is the correct forum or not. If it isn’t, then I do apologize; just let me know.
I have been looking into buying a house, and have almost quit before I have started. I haven’t applied for a loan or anything, because it seems that I would just be turned down.
I have perfect credit, and a stable job with a reasonable income, but I don’t have a down payment or any cash available to pay towards the purchase.
My second problem is that I currently own a 1995 Horton mobile home. At the time I bought it, I thought I would be doing something good (buying versus renting) but I have now realized that the value of the home decreases at the same rate I am paying for it. I owe 21,000 on it and it is worth about that or a little bit more. It is a very nice one with a garden tub and the works, but they aren’t selling very quickly here.
Does anyone have any advice, or should I just give up for now. Everything I read seems to say that even though I have a good job and good credit, if I don’t have a down payment then I can forget it. And I don’t have a clue about how to get rid of my mobile home. I don’t want to make anything on it, just get someone to pay off the loan so that I am out from it and free to buy my house (If I ever get one.)
Any ideas will be much appreciated. I don’t even know where to begin.
I tried posting this follow up earlier, but when I pressed “Post Message”, it went careening off into never never land somewhere. Here it is again.
When you are owner financing, the home is worth what YOU say it is! Ron LeGrand says never sell for market value, sell for MORE than market value. When you are making the financing easy for your buyer, you have every right to bump the price a few thousand over FMV. When the payments coming to you are greater than the payments you are making, your borrowing power increases. Read LeGrand, Lonnie, Kaiser, Bronchick, etc.
Michael Murray
When you are owner financing, the home is worth what YOU say it is! Ron LeGrand says never sell for market value, sell for MORE than market value. When you are making the financing easy for your buyer, you have every right to bump the price a few thousand over FMV. When the payments coming to you are greater than the payments you are making, your borrowing power increases. Read LeGrand, Lonnie, Kaiser, Bronchick, etc.
Michael Murray
Just think, if you had to resell that thing 5 or 6 times over before you found a buyer that stuck it out long enough to pay you off, you would make a killing off that thing!