Your credit score needs to be much higher to purchase a home. The price of the property is not the issue, but the credit score is. There are 4 different typse of manufactured homes, and to find a lending institution to finance a used manufactured home is very difficult. The modular is the easiest of the manufactured homes, but not with a low credit score. Contact a local mortgage officer and he/she will assist you with guidance on how to improve your score. It may take a year, but you didn't get it down to that score overnight. Good luck. Martha Dodd-Slippy, GRI, ABR, SRES, SRS, SFR, NC and VA Associate Broker, Wilkie Real Estate, Inc. Cell: 434-604-4444.... more
Hi - It's a real simple process that pretty much any Title Company can help you with. They can write a Note and Trust Deed based on the terms you set for the purchase and record the deed transfer for you. Fees should be pretty minimal. I would recommend that you also have the Title Company set up a payment servicing company that you make your payments through, and they are then responsible to get the payment to your mom. It's fairly inexpensive and gives you a definite record of payments you make so that you can provide that info to your tax preparer. You should be able to claim it as a 2nd home and deduct the interest and maybe maintenance/repairs you make to the property....good questions for your tax person though to verify.
Hope that helps!
Real Estate Broker & Residential/Commercial Loan Officer
Commonwealth Group & Sunset Mortgage Co.
Email: LetUsGuideYouHome@comcast.net... more