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Where to get unconventional mortgages??

I have been renting a home for 5 yrs now that is listed with town hall as a modified/manufactured home but it is on a concrete foundation with a full basement with laundry and appliances in it (it is built originally off a permanently stationed Woodlin camper in 1958 with two rooms built off it all on a foundation so it looks totally like a house from teh outside and is stand alone not in a park) and the land is owned with it. I want to buy this home from the owner. Who mortgages homes like this? (There's two of these on separate parcels. My friend is interested in purchasing the other. )
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September 22 2010 - Seymour
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Profile picture for wetdawgs
FHA 203k loans are for repairs, not new construction, so wouldn't be appropriate for your dream.
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September 22 2010
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The owner is broker then broke which is why I am trying to jump on this perfect opportunity to buy one or both properties off her that she acquired in her divorce. What I would LOVE to do is obtain both and take down the bungalows, merge the two land lots and place one single family dwelling on it. I've heard of the FHA 203K I am not sure if it would cover that type of idea though. Any ideas? (Both parcels of land are estimated as $47k. So thats still in my price range of mortgage qualification.)
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September 22 2010
Yes, its qutie possible, but it will take some legwork on your part, but contact an expert in the field. Also ask the seller if they will finance. Ask others with similar homes WHO they use for financing. Google is your best friend. Also contact some mortgage brokers within your state but in larger cities who may help. Also ask the town hall if they can give you a list of other similar listed homes, and their lenders. That will show you who is lending on your type of home.
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September 22 2010
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I just looked on the HUD website and there is an FHA Title I loan that insures loans for modular, manufactured and mobile homes so Im contacting them to see what I can do. Thanks.
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September 22 2010
I would say based off of your request it is possible to find financing for your property. The rates will not be as low however but again it is possible. Your best bet is to find a broker that is willing to take the challenge.
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September 22 2010
 
Related Questions
Where to get unconventional mortgages??
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Latest answer by wetdawgs
September 22 2010 | 5 answers
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