buying a single wide

[tiggertoo]

Please..Please ..someone help!! We have lived in our 1972 single wide Marlette home for 17 years...on our own property..WE OWE LESS THAN WHAT THE VALUE OF THE PROPERTY IS !!!!!!! We would like to pull this home out ( destroy it) and purchase another single wide (preferably a 16"wide)..We are not looking to do major ground work...just work with same footprint. We do not have 20% as is required for a single wide !!!! Is there any bank that would help or has the law changed to work with a minimum down for a single wide? And why is that law such...a single wide is still a home!

Any help would be much appreciated.

[David Oxhandler]

There is no law that sets the down payment. Each lender sets their own standards. There are many programs that have government backing that require 20% but there are those that will take as little as 5%. Where you own your land you may be able to use some of that equity towards your down payment.

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[Celtlund]

As David said, you may have enough equity in your property to use as part or all of yourvdown payment. Also, what he said about getting pre approved is excellent advice. Look for a mortgage broker in your area and talk to them about what you want to do.

[HerryJohnson]

No, its quite difficult to get the shingles without down payment but you can find out the company that is demanding for less down payment.