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Lets say one was looking at a used mobile home on almost an acre with an asking price of 36k. How would a mortgage work, if it would? My google skills say it won't work since its below 50k and some kind of personal loan would be needed instead. Educate me please
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Educate you? Tell whoever is thinking about buying a mobile home to run away. Fast. I used to build them and I'll never own or live in one. -
The only way I'd buy a mobile with land as a package is if the land alone was worth what I was paying. At best, I'd live in it while I built whatever it was I was building.
But... for what you're asking, it might just depend on the lender. A local lender with an established relationship with you is your best bet.Comment
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If you plan on improving the property you might look at rehab or construction loans. You borrow money based on what it's going to be worth once finished. There are banks that'll do $36k loans but you have to shop around and don't expect a 4% rate.Comment
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One of my family members bought a piece of land and set a repo double wide on it so that he could pay the land down enough to get a building loan. It worked out pretty well for them, I think they got most of what they paid back on the mobile home once their house was built. On the flip side, my brother was trying to buy 10 acres that had one on it that had been gutted and rebuilt, It was hard to tell it didnt start out as a traditional stick-build. He couldnt get financed, said they wouldnt lend money on the house because it was a manufactured home."If I asked people what they wanted, they would have said faster horses." - Henry FordComment
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Mobile homes have huge hits in depreciation. Like stated, don't even bother unless the land is worth what they're asking. I don't see why you couldn't get a loan for under 50k. There are plenty of homes out there cheaper than that. My Condo was only 34k in 2000. I financed that with a traditional FHA Loan.Comment
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Originally posted by Denny View Post
Go try to buy an apartment and let me know how it works out for you.Comment
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well are you just a regular who's who.Originally posted by Denny View Post"If I asked people what they wanted, they would have said faster horses." - Henry FordComment
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Is that where you were living when you jumped on that hood?Originally posted by talisman View PostComment
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Are you bringing it up or is he bringing it up?Originally posted by BradM View PostOriginally posted by SilverbackComment
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It's only 36k, write a checkComment
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