Want another MH/ just bought one

[Sharon O'Bar]

We just got settled in our new home, but it's just too little. It's an FHA loan, so we have to live in it; we also did a land/package deal where we used our own acre. However, this acre is attached to family acerage. I want a bigger home. We're financed through Countrywide. Is there any way I could 'trade up' or put another one on another acre beside the one I have? Our bank accounts are just 'barely' there, meaning we don't have anymore savings. Thanks, Sharon

[rmurray]

The FHA does not stop you from leasing the home...You signed many forms saying you were planning on using your home as your primary residence...But none would forbid leasing in the future...even the near future..Short of selling the home with the acre..you would have to have a much deeper bank account to trade...The FHA foundation would be nothing...the sales tax you added to your loan would be nothing..moving the home costs thousands...All of this would have to be paid by you at least tens of thousands...By mentioning the family land situation you it seems you do not think selling the package is feasible...This is really the only way to get out of the home in a manner most of us could afford..Your best bet would be to find another family member who likes your house..

If your credit is clean...you might be able to finance another home on a separate piece of property...FHA itself would only allow 1 FHA loan at a time..The other home would have to be conventional finance...Which probably would require a strong down if you do not already own the property....Usually gifted property must be in your name for 1 year before the bank will count the equity toward your down..Even then you would have to have the original leased...Any solution is going to cost tens of thousands..Most of which you would have to pay cash...It might be smarter to start saving your money for an addition to the current home..Even they cost tens of thousands for lots of properly built space..

I hope your post here helps others in their planning...A house is not a throw away item like many we buy...nothing is even similar...planning for the future is one of the most important parts of buying..Good Luck