Home Buying in 43701>Question Details

Shasta_lynn06, Other/Just Looking in Zanesville, OH

I was wondering if I have to signup to qualify for the stimulus package, and how I can get the money.

Asked by Shasta_lynn06, Zanesville, OH Mon Apr 20, 2009

I was wanting to buy a $33,000 mobile home, never purchased home before. Just my boyfriend and I. Didn't know if we had to come up with some knid of down payment before it or not. We don't make much money and don't have much time till this package runs out. Please help us!!

Help the community by answering this question:

Answers

5
Shasta you may want to double check with a CPA to see if you would qualify for the stimulus. In Ohio unless the Mobile home is permantly attached to the land it is considered a vehicle. You would transfer title through the BVM just like a car.They can be outrageously hard to loans on and expect a high interest rate depending on the age of the trailer.
0 votes Thank Flag Link Thu Oct 29, 2009
You have asked several good questions.
First you do not have to sign-up to qualify for the stimulus money.
You must close on a home before Nov. 30, 2009 to qualify. Close means to buy the property and pay for it with cash or loan.
So if you find a property and write a contract to buy it and get the funds through a loan and pay the seller before hte 30th of November you qualify, (if you have not owned a home in the past 3 years).
A mobile home does qualify as a home and you would get the stimulus money.
If the mobile is bought at $33,000 you would qualify for $3,300 (10%) stimulus money from the qovernment.
I recommend that you check out buying a stick built home because it is possible to get a loan with little or no money down. This may be a mush better investment than the mobile home.
You do not have much time - call a realtor and find out what you can buy in your budget.
Don't delay, it is important that you act now!
Hope this was of some help, good luck.
George Sherry
Y City Realty
452-8500
Web Reference: http://www.YCityRealty.com
0 votes Thank Flag Link Wed Oct 28, 2009
I have left a link with some information about the tax credit. Also, it is only 10%, up to $8k, so for a $33k so you would only get $2640!

And to help clarify what another poster answered...

A Rural Development loan will let you buy a home with no down-payment, however you can not purchase a mobile/trailer or manufactured home and it must be outside of the city's corporation limits (you can find that by Googling the USDA Property Eligibility Disclaimer site and enter the address).

It is similar to a FHA loan but the FHA loan still requires you have a down-payment. I don't know much else about FHA though, because I have an RD loan, not FHA. :)
0 votes Thank Flag Link Wed Aug 12, 2009
The stimulus package may not help you with a single wide purchase. You don't have to sign up for it, when you file your income taxes next year you apply for it on your tax form. If your purchase happens to be a new doublewide and you are short on funds check on rural development financing you may be able to get rural development financing with only $500.00 down.
0 votes Thank Flag Link Mon Apr 20, 2009
To purchase,you will need a minimum 620 credit score,a 2 year work history and a 3.5% down payment for an FHA loan. A conventional loan will require a 720 score & 20% down. You will also need money for closing costs(although sometimes the seller will pay this) taxes & insurance. you will need sufficient income to make the monthly note,plus taxes,insurance maintenance & an acceptable debt to income ratio. Your down payment in this case would be $1155.00.
0 votes Thank Flag Link Mon Apr 20, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer