Trade-in as down payment?

[patty]

i was wondering if a trade-in could be used as a down payment on a new house. We want to replace our existing MH with a new one but don't really have money for a down payment. Has anyone ever heard of a mortgage company accepting trade-ins as a down payment. I know the MH would really go to the dealer but do they have deals with the mortgage companies sometimes? any help would be appreciated. I know there is probably a book advertised on this site that would answer my question, I'd just like to know if someone here might have a "yes" or "no" for free. Thanks in advance for your help.

[mccoyae]

Mortgage companies would not take a trade-in but dealers often do. You'll just have to shop dealers in your area and see if they will work with you for a down payment.

[rmurray]

Here is your free answer......Yes dealers often accept trades as a credit toward down payment....I assume you are talking about a manufactured home...Any mortgage company who regularly deals in manufactured homes will accept manufactured home trades for down payment....

[patty]

Thank you for your help. If there was no possibility of trading in our house for a new one, we would need to figure out ways to modify this one or build onto it to get what we want. We'd probably end up paying more in the end than if we just bought a new one straight out but at least we wouldn't have to come up with a bunch of money up front for the loan. And, to let you know, I'll probably end up buying the book about creative financing secrets. Thanks again.

[rmurray]

Shop hard and fast...prices and money costs (interest rates) are rising daily...time is money...I am not sure which book you are referring to..but for your needs...Grissim's or ...Eaton's will save you thousands and probably lots of mistakes....

Go for it..

[mst57]

Yes, dealers do take trade ins. I am doing this next year and going out on land with a new Wick double. My Greentree loan will be paid off and I am going with another lender who is better for me. Also have some new loan packages available with 40-50 year mortgages. I know that sounds really weird to have one that long, but it gets the payment down. I plan to pay it off sooner, though. God bless!