i bought a single wide 3br 2 bath mobile home the loan was owner financing i still owe 54k the land was part of the deal.i have sense moved to nj and rented it out the tenant whats to buy.what would best good way to sell to her with her no credit.is it possilbe to refi a mobile home with my 575 score.rei help thanks to rei and members this site is very helpful :help
I’m not too familiar with this type of investment or strategy, maybe others can confirm or deny my advice. Possibly do a lease option with the tenent. Meaning lease them the property for an agreed amount of time so she builds up her credit. The sell it to her for a predetermined amount once she has the ability to qualify for a loan.
Just because she wants to buy doesn’t mean you must sell it.
It’s almost impossible to get any financing on mobiles unless they are very new and on permanent footings on their own land.
The last time I asked my mortgage broker if she could find financing for a mobile, she said it would be about 13.5% someone with excellent credit and no for anyone with poor credit.
You could do a wrap motgage for her. But you seriously risk getting your loan called. I suggest that you just give her an option and let her repair her credit and try to get financing later.
One possibility is to ask the seller if he will allow your buyer to assume the mortgage. From a bank, that would be a big NO, but from a private lender he might go for it.
There are variables here that would need answered, but it IS possible if the tenant has been there a year and has NO CREDIT, rather than poor credit.
I agree with tatertot and try a wrap. since you are owner financed the loan shouldn’t be called unless its in the contract you already have.
Is your tenant ready to pay a downpayment?
Pretty vague info. here, do you have some more?
herbster