The Manufactured Housing Forums

I love my home.

I purchased 2 years ago, but due to circumstances beyond my control, could not obtain a mortgage - seller financing @ 10% - does this sound like a fair percentage - could I get lower?

I am in the process of trying to refinance my home, but feel that putting cash down, and losing job last year, may be best to sell and move. I need cash to make improvements and wanted to know if this is a secure investment.

My home is on rented land and have spoken with several banks, finance agencies who advised me since I live on rented land, they would not give me a mortgage.

Advice much appreciated. Sell or stay.

Unless you own the land, you probably won't be able to get the typical mortgage with the best rates going on the market today. A lot of times with rented land, they treat that almost like an auto loan rather than a home loan. You can try Chase, Wells Fargo and some of the companies on this site but before you do tell them of your situation with the rented land before you let them start pulling your credit.

Jason Sardi
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Your delima is not uncommon in this day and age. I have had to lower my rates as a result of the board rate and to qualify buyers. I should think that the person/company could give you a little relief on the rate, if you just ask. Maybe even a progressive interest rate ie; 8% yr 1 thru 5, 9% 6 thru 10 etc. Another option may be to sell the note and refi with the seller unless there is a prepayment penalty. I would like to hear the solution to this situation,