I don't know specifically about Southhaven, but there's both good news and bad news.
And it's the same news.
Most mobile home sellers want cash. But many buyers (like yourself) can'd do all cash. Further, while new/newer homes can often be financed, it's quite difficult to get financing on older mobile homes--say, more than 5 or 6 years old.
As a result, a lot more mobile home sellers end up offering owner financing than you'll find with regular stick-built homes. These aren't usually rent-to-own...for a few reasons. First, a lot of mobile home parks don't allow renters. A rent-to-own is considered a rental. On the other hand, if you buy it (with owner financing), then you are the owner.
If a park does allow renters, then you could do a rent-to-own. However, you'd be in a better position--more protected--buying with owner financing. And it's pretty much the same to the owner. In either case, he's not receiving most of the cash up front.
Tip: When talking to sellers, find out how much cash they really need. For example, you might find a home for $30,000, and it might be a good value at that price. While the owner certainly would prefer all cash, he/she might not need all cash. Maybe the person needs $5,000 to move to Florida and stay with a relative. Maybe the person needs $3,000 for a car repair, but plans to move in with friends. That instantly reduces the amount you have to come up with--dropping from $30,000 to perhaps $5,000.
Also, some investors can put together a deal. I've done that myself. The way it works is: The investor buys the home for all cash, often at a substantial discount. Then he sells it to you with seller financing. Example: The home is for sale at $30,000. The investor makes a cash offer of less than $30,000, which is accepted. The investor offers the home to you for $1,000 with monthly payments of $512 for 7 years. (That's 12% interest.) The investor makes the money by having bought the property for less than $30,000.
You would have to be discharged for two years even with your re-established credit and large down payment. I would be glad to help you start looking in the Fall. You could be in your new home by the beginning of 2014! Good luck!... more
Yes! Yes! Yes! and you are very likely to get it. I just had a buyer put on offer on one of my listings that had a contingency offer on it contingent upon the sell of their home and my buyer is fixing to move into the home in 2 weeks. The first buyer removed the contingency., they needed to sell their home in order to buy. If you need help, please look me up at www.saysabrasaysold.com if you are not already working with an agent.
If it were me (and I have to cover all bases by saying I'm not a financial advisor - just a real estate agent ;) ... But I would pay off debt. Then finance 100% thru VA ... one of the beauties of VA loans :) And just make sure you keep your house where you're truly comfortable with the monthly note. I'd be glad to help of course if you'd like! There's a lot of good ones out there right now!
Dana Owens Smith
Crye-Leike Realtors... more
Collections can be forgiven and depending on how much/type of judgement could make a difference. Email me (firstname.lastname@example.org) and I can help you get qualified to purchase a home. You have n acceptable score to be able to qualify for an FHA loan.... more
You may qualify to purchase a home. The first step would be to contact a loan officer that qwould explain the process and requirements for home ownership. Please feel free to contact me, I will be able to help you find a realtor in your immediate area that could help you in every step of this process.
It depends upon what you mean by okay. Do you pay your bills on time every month? Do you have any judgements or collection accounts? Is your middle FICO score 640+. For the answer speak to a mortgage originator and have them go over your credit report.... more
This is when you find yourself in a Short Sale situation if the home needs to be sold. A Short Sale is when you owe more that it is worth. This means there is a shortage to the bank. The process is done with a experienced realtor with short sales under their belt. We have to go to the bank and submit a pkg. to the bank. We give you a list of what is needed in the beginning. Once we get a offer that is acceptable tis is also sent to the bank. It depends on the bank as to how they want the package's submitted. The process can take a month to 5 months depending what bank you are with.
I hope this helps. Stacey... more
Is my credit score good enough?I have 609 credit score and my husband's credit score is 569. We are working on our credit. Do anyone know if we could get help buying a house with no down payment. We have grea...
Not quite good enough but close. I suggest you make an appointment with me, I can help you get to the 640 that you need, get pre-qualified, find a house, get closed and moved in. My company, Crye-Leike, Southaven is a one stop shop, I can help you with the entire process. Frances Follis 901-870-1033 or reply to my e-mail.... more