I need financing for the following scenario: I am planning to purchase a doublewide on 1 acre in Texas, as an investment. My ex-wife moved to Parker county, Tx. with my kids. I am going to rent the home to her. Providing my children a better place to live. I live in Alabama. The home is a HUD forclosure. I am planning to purchase it paying cash from my home equity line. Make the repairs, then have it appraised. I then plan on getting a mortgage on the home paying off my home equity line. Is this going to be a problem with getting the loan this way? If not where can I find mortgage companies that won’t have a prob. with this.
I know Parker county Texas, it’ll be a good place for your kids to be raised. As to your ideas; refi is a tricky thing in most cases these days,(those cases anyway where everything isnt"perfect"),and MHs are an even trickier breed of refi. I would start my googleing MH refis as this was you exit strat out of you LOC, I believe.THis is assuming you think your credit and general financials will hold up under the intense scrutiny of the refi process. Another idea may be to contact a MH dealer in the area and ask about refi options with the lenders they use. Best of luck.