financing

[Mary]

I'm trying to find 100% financing for the purchase of an existing manufactured home on rural land in Virginia that is currently taxed as real estate. Most lenders won't do 100% financing. If anyone can help me or give me some suggestions on who to call, I would really appreciate it. Thank you!

[Joshua]

Depends on what it will appraise for and if it will be accepted by the lender, therefore you may not need 100% financing, which most banks will not do.
Here's an example:

Home selling for $80,000.
Home appraises for $100,000.
Lender will lend 80% of the appraised value. Bingo you are there!

[Mary]

Joshua,
are you a lender? I hope so! Everything I've found when buying bases the loan amount on sales price and not appraised value. Help!
M

[Mac]

Try mortgage brokers - The property you describe is the same as a stick-built house on land - should be a similar financing situation as long as the house is fairly new. 100% financing can be accomplished by a "silent second" mortgage which provides the down payment. Also, see if you qualify for first-time-buyer programs or income-restricted programs - check with your county housing department as a starting place, or call a realtor.

Appraisers are under pressure from lenders who want to do deals. With all the refi and new-purchase business starting to taper off, there are many hungry people who want your business. Do your research so you bargain from a position of strength.

[rmurray]

The only program with nothing down is FHA..If the homre has a FHA acceptable foundation it wil;l quilify...The mortage companies who loan by appraisal only are mostly gone.....The silent..often call throw away second mortgage...Is still done from time to time....

[Brenda]

Trying to find someone who will help consolidate credit cards and do home improvements 20,000 credit score 749 manufactured home&land 2000 model

[Kelly Walling]

I am a real estate attorney and mortgage broker in Houston, Texas. I'm trying to help a couple find financing for a several year-old mobile home in Fresno, Texas on about 4 acres; but the couple does not have FICO scores -- they do not have credit scores or reports with anyone. They can prove they have paid their bills on time by letter from their cell phone provider and utility companies. Can anyone help me find 90% financing for them? Thank you for the help, and have a great evening.