Is owner financing a good deal?
I am considering buying a 1999 5 bed/ 3 bath/ dual living room mobile home on 1 and half acres. The owner was asking $189k originally, but has lowered the price twice and is now at $139k, since the home has been on the market for well over six months. The owner has full ownership of land and home (no mortgage, etc). I have tried getting a loan for this house via USDA and FHA with no luck. USDA won't do it because it is not a new manufactured home. FHA won't do it because the owners bought as a foreclosure and had it moved to where it now sits which they're calling "preset". We advised the seller about this and they are willing to do owner financing on this. They have even offered to let us use money we get back from the stimulus tax credit and apply that towards the down payment when we get it later. In today's market what is a fair interest rate and loan period on this? I have no problem getting approved on a different home, but this home is bigger for less money and is new condition
I found in the past that when the owner was offering financing, the price was TOO high. If professionals will not hold the mortgage why would you want to buy it? Even if you were able to pay the seller off in the future, you would be stuck just like this seller!
Don't buy just because of the $8,000. Keep looking, Get a REALTOR to help you; it costs you nothing!
The seller pays the commission.
Good luck & keep shopping!
Phil Moody
Hello,
Are you buying your home through a Realtor or on your own? You need an attorney make sure everything is done right.
Good Luck!
Genny
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Fair Housing and Equal Opportunity