I’m trying to purchase my first home and it’s a beautiful mobile home (double wide) already on land. We’re having a bit of trouble finding 100% financing for this property and they are not excepting fha financing.
We are currently under contract with this property and closing is a week away so I’m getting pretty nervous. My wife says maybe we should just pull out and look for a regualr single family home so it’s not so much trouble and also so in the future when we wanna sell we don’t have so much trouble trying to get rid of it, but to be honest I really wasn’t planning on selling because I know it will be hard to sell so I wanted to just rent it out if we ever decided to move & just make it a good cash flow, but then again I would also like to sell & make a good profit off my very first home if possible or at least break even. I don’t know I’m stuck…
Should I still keep trying to find financing for this property or should I just move on & look for a regular single family home? Thanks everyone!
Your wife speaks from wisdom…as a residence, you would be better served with a SFH, especially if you want to attain 100% financing. Even if you wanted to rent your home out, it would be much easier to rent a SFH than a double wide. Listen to your wife…
I agree with everyone above, the resale value of mobile homes is low, almost as bad a car. Thay can be good source of income as a rental. Since this is your first home, I would little to mama, 'cause if she ain’t happy, no one else will. I do not know were you are but try to buy a good house with some equity in it.
Since you are buying, it cost you nothing to hire a good realtor that also invests (so they understand your equity need) and that will look out for you vrs try to sell you something just to make a commission. (Realtor representing the buyer get paid by the seller – you should not have to pay him). Let him do his job, including helping you find the bank that will get you a nice loan … always check at least 2 or 3 banks, just do the cheching as close to each other as possible (I usually do the checking the same day and then decide which is the best one and continue just with that one.) :beer best wishes.
I’ll speak to your financing aspects of your post…
a. As another posted, you won’t find anyone to close in 1 week (it takes about that long to order and receive an appraisal).
b. As your primary residence, there are 'near" 100% financing options available for buyers of SW/DW/TWMHs.