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I'm sorry if this isn't really a proper place to post these questions but people here seem to know about financing and I'm getting desperate to try to find a reasonable solution to the situation if there is one. I'm trying to get a mortgage to buy a home that involves an older 1970 mobile home. It's on its own .48 acre lot, not in a trailer park. The home is listed as 12x56 but it's much wider than that because more rooms and roof were added on to it. You can't see the mobile home part at all any more. It's on a cinder block foundation and has a shingle roof in good condition that an assessor said looks to be about 4 years old. It even has a small basement where the furnace is. My credit score is very good, but no place I've talked to will deal with a mobile home older than 1976. Can anyone suggest a place that will, or might? I've looked into a personal loan but the only option I've looked into so far is too high a monthly payment for me to afford because it's only a 7 year loan at 11%+ interest.
If I get a personal loan and then make the purchase at that point I own the home and property, isn't that correct? Then wouldn't I be able to use the home and property as collateral for another secured loan, with lower interest and more time to pay? And if so, is there some way to arrange it all from the start instead of having to go through more than one loan? Or can anyone suggest any other options?
Thank you for any help!
David
Can you help answer these questions from other members on NexusFi?
As a side note, when I get a cold call from a mortgage company to refinance the first thing I say is "it's a mobile home".... you would be amazed how fast they hang up and take you off their phone list.
Here is an idea. Supposedly the seller, wants to sell it. So here are some ideas:
1. If the seller can get a mortgage on it then ask him to get an assignable mortgage. You can give him a cash and a note (personal note) from you for the down payment = the balance of the purchase price. Then the seller re-assigns the mortgage to you.
2. If he doesn't go for the above then say -
"well I can't get a mortgage. So lets do a lease with purchase option"
This specifies the purchase price (eg. His current asking price less lease payments paid to the time of purchase). and usually gives him the option to sell it to someone else giving you first right of refusal with 6 months notice. Tell him that he he goes this route and you can't buy him out he'll have a couple of years lease payments in his pocket (eg. $500 * 24 months = $12,000 and still have the house.)
3. If the zoning permits a permanent structure on the land and if what is there now meets the zoning by-laws for that structure, then you can take off the wheels and the mobile home is no longer a mobile home. (Check on this as that is just me saying that but I think that what makes a mobile home a mobile home is the wheels.)
