- This topic has 7 replies, 2 voices, and was last updated 9 years ago by Anonymous.
- January 31, 2011 at 8:49 am #410499AnonymousInactive
No. You will get the credit for the 20,000 trade in. The value of your property will just be put up as collateral for getting the loan. It will not reduce the price. The lender is taking a greater risk since you do not have a suitable down payment. This way if you default, they can repo the trailer and the land.
- January 31, 2011 at 9:19 am #410500AnonymousInactive
You will only get credit for the trade-in value less the payoff on the trade. Hopefully you have enough equity left to cover your down payment. FHA loans require a down payment of 3.5 percent. Also, make sure the allowance they are giving you for your trade is not being added to the price of the new home. I can sell a new 32 x 80 Horton Home in Milledgeville, GA for $ 79,900 + sales tax, delivered, setup, and a Trane a/c.
- January 31, 2011 at 10:04 am #410501AnonymousInactive
Hi Friend getting loan is very easy…Just take look at the link below to get free loan quotes
- January 31, 2011 at 10:52 am #410502AnonymousInactive
It is possible although in this market may be quite difficult, especially on a manufactured home. Look into getting an investment loan for the property. The house will still need to appraise at what your buying it for though. Then once you’ve done the renovations and it is livable look into refinancing, then you’ll be able to get a lower rate and it will be easier to find a home loan. Good luck.
- January 31, 2011 at 11:25 am #410503AnonymousInactive
keep in mind, manufactured homes values go down, not up, ever. i think you could be better off buying a small cottage and fixing it up, and making more money than you would if you sold that manufactured home and lot 5 years from when you bought it, in almost new condition.
- January 31, 2011 at 11:43 am #410504AnonymousInactive
WHY NOT TREAT IT AS A LAND ONLY ACQUISITION….THE HOME ,WETHER IN GOOD CONDITION OR NOT,IS IRRELAVANT….
- January 31, 2011 at 11:45 am #410505AnonymousInactive
You won’t find a bank willing to invest in that property. I would start with the local credit union and see about a lot loan. You may have to come out-of-pocket with sizable down payment.
- April 15, 2011 at 11:36 am #198660AnonymousInactive
We would like to purchase land in Carbon County Pa. We would like to just mortgage the land but we are having trouble finding companies that do land loans. Can anyone recommend a Company which does do land loans? We would like to build o house on this land within the next two years but we would like to do the work ourselves. Where do i start ?? I first need to get a land loan or mortgage. And there are so many confusing terms and issues such as : Construction loans , Land Loans, Construction loan to mortgage…Where do we begin? any help would be appreciated. Thanks in advance!
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