Home Buying in Oklahoma City>Question Details

Starla Gentry…, Home Buyer in Edmond, OK

My score is 556. I am buying a 2006 manufactured home through owner finance. I need a 20K loan to buy land. Any hope for me.?

Asked by Starla Gentry Longest, Edmond, OK Wed May 23, 2012

I have been in my home over 4 years (never late) and will be paid off in 6 years. I just paid off my car loan (never late). I found the piece of land I would like to purchase. To buy the land, move my home. set up utilities, etc. is about 20K. I make 50K a year and have had my job 5 years.

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There's always hope but you may have to work really hard to see this dream fulfilled and by your account, you are a hard worker.

I would certainly investigate any offers of private financing but make sure you know exactly what you're getting into and have a trusted friend look over the documents. My guess is they will want to have a lien against the whole package (land and home) so your guy carrying the note on the mobile will have to be paid off so this private investor would have to pay the $20K + the mobile home balance. Depending on the amount you would borrow, you might be asked to pay an interest rate of 8-10% but it could be worth it. Make sure you can pay off this private loan early in case you are able to secure other financing after you do this deal but they might hit you up with an early payoff penalty.

Lots of things to think about but I wish you the best!!!

Russell Benson, REALTOR®
Prudential Alliance Realty
1 vote Thank Flag Link Wed May 23, 2012
I live in texas. I have a mobile home I would like to pay off. Mobile home is in a community park. MH has to be paid off b4 I can move it out. I need a private buyer to help me pay off the MH / help me move it and buy a small piece of land. Does anyone know of a buyer that can help me?

San antonio tx
0 votes Thank Flag Link Sat Oct 13, 2012
I used to be a Realtor for quite a few years but only know WA. law. A bank will do what they call a wrap, they want the land AND the manufactured home together that way if you default they get it all back. When I was married we had land paid down to about $5,000 we put a mobile on it, they paid off the land and wrapped the two together, we was also able to include bringing the electric in also. Right now you do need pretty good crdiid as the lenders were hit hard with foreclosures and are not taking risky loans.Banks do not really like mfg. homes. I have a 2006 Skyline that jut put on the market by owner a few days ago, there are a few lenders in the Tacoma WA. area that will loan on them in a park with a 660 credit score or higher and no short sale or bankruptcy in the last 5 tears, but the rates are good 20 yr. 4.70% first 5 yrs. then can't exceed 2% the rest of the loan, no prepayment penalty. You may be a co-signer due to your credit. Hope this helps a little.
Tacoma, WA
Flag Tue May 14, 2013
There is one party that I know of that will carry the note and also finance well and septic. You must be able to put 10% down,. Your credit history is not revelant. They can be reached at 818-2984. You will not be required to pay off your owner carry on your manufactured home. If you decide to go with them, good luck, I will welcome you as a neighbor. This is not my land and I have no right, title or interest in the property and do not receive any compensation for this referral. From my investigation of the owner, they are good people.
0 votes Thank Flag Link Tue Jun 5, 2012
Starla... I have a private lender that may be able to help u out. Please forward me ur contact info and I will put him in touch with you. Email me Chuck@KevoProperties.com

Chuck Wells
0 votes Thank Flag Link Wed May 23, 2012
Typically, land requires 50% down; I suggest calling the local Mobile Home Dealers off Sheilds and asking if they have any programs that may help you out.

Palm Harbor:



Hope this helps,

Josh Barnett, Realtor
0 votes Thank Flag Link Wed May 23, 2012
It looks as if you should have a higher score than 556 but even at that most finance institutions with not finance raw land<
The only thing you can do is ask the seller to finance that also or find some land where the seller will finance with a small down payment:
0 votes Thank Flag Link Wed May 23, 2012
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