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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Need help getting out of a mobile home in to an actual house. Need a little advice.? |
My family currently lives in a nice mobile home but we are looking to make a move. I have an annual income of about $70,000. We owe $20,000 on our mobile home but could probably only sell it for $15,000. We have good credit but no savings to speak of. What we would like to do is borrow enough money to pay the mobile home down for its sale and then wrap that loan up in a new home loan once we find a house. I'm not sure if that is possible but we would like to find out. Thanks for the answers in advance. This is going to be very hard, if not impossible to do (to include the amount that you borrowed to pay down the mobile home into the new mortgage). You would be much better off borrowing from a 401k account, friend, family member or simply trying to come up with the difference yourself. You can buy a home with 0 money down and making 70k/year should qualify you for a pretty nice sized home, depending on what other bills you have. The 401k would be my first recommendation, if you have one and your employer allows you to take loans out against them. Good luck to you. Source(s): http://www.gofirstsecurity.com/purchase/... (borrowing from your 401k information) http://www.nomoneydown123.com/searchresu... (further 401k info) Burn it down and collect on the insurance. It will be hard to find a loan to wrap the $5000 into it with no money down & closing cost included. Most banks will only lend the appraisal value of the house. This may work if the house you're purchasing is less than its appraised value. |
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