Question about loans and trailers etc?
snickybugg asked:
My fiance and I have been looking at homes for almost 2 yrs now and finally came across a home we rly liked, in our price range and in the area we went. Well, its considered a ‘trailer’ even though there is a huge add-on and it looks like a Ranch. All the banks say we would have to put 80% down of the asking price (which is $79,000) which we CAN NOT afford. The most we can put down is $10,000.
My fiance and I have been looking at homes for almost 2 yrs now and finally came across a home we rly liked, in our price range and in the area we went. Well, its considered a ‘trailer’ even though there is a huge add-on and it looks like a Ranch. All the banks say we would have to put 80% down of the asking price (which is $79,000) which we CAN NOT afford. The most we can put down is $10,000.
So my question is, is there a bank or lender ANYWHERE that will let us re-finance a trailer (if needed) and give us a good loan without a huge interest rate?
Thanks
PS Please only answer if you really know, we need to have an answer to the owner of the home by Friday. T/U!
Thank you Marc!!
We would be buying the trailer, and almost 3 acres of land to go w/ it. Its a gorgeous trailer believe it or not. The owners have lived there for 21 yrs and done over $20,000 in work in just the last year. Right now my fiance and I live in a trailer in a park and its horrible!! So cold, so tiny and no yard.
But thank u thank you thank you again! We will def. look into these!! 
)
~Sarah
first home owner loan
Tags: Asking Price, Loans, Trailers
January 2nd, 2010 at 11:08 pm
first home owner loan
i had a trailer, and its hard as hell to find companies to finance. a traditional bank isnt the way to go. i dont have the phone number but green tree finance or conseco finance are the way to go. they specialize in this.
on the otherside. if you are renting the land, i highly reccomend against getting a trailer. first, they depreciate in value, not go up. second, after 14 yrs you can no longer move them. not only would you be stuck with a trailer park that youd be paying rent, youd never get your money back. i can honestly say getting a trailer was one of the biggest mistakes i ever made.
i hope this helps, good luck. marc
ALSO: if this is on land that you would be buying, but also classified as a trailer, you are paying waaaaaaaaaaaaay too much for it. remember these go down in value, not up. you will NEVER get your money back on it
January 6th, 2010 at 12:28 am
first home owner loan
I CHECKED AROUND WHERE I LIVE BOTH WITH THE CREDIT UNION AS WELL AS WITH THE BANK AND ITS THE SAME, THEY WANT 80% DOWN.
SORRY I COULD HELP.
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