Posted by CHARLES HERRING on January 26, 2003 at 11:41:12:
CUT THE GUY LOSE…THERE ARE PROGRAMS AVAIL…THAT HE WOULD QUALIFY FOR, BUT WILL BE HIGH INTEREST RATES THAN HE CAN AFFORD TO PAY…SECOND AT MOST LENDERS WILL OVER LOOK UP TO $5,000.00 OF COLLECTIONS…THE REST HE WOULD HAVE TO PAY… IF YOU NEED HELP FEEL FREE TO ALWAYS WRITE…
THANKS,
CHARLES HERRING
HELP - Financing in SC - Posted by Chip
Posted by Chip on January 17, 2003 at 17:03:11:
I represent a group of investors in SC. We have a 1999 68x26 Doublewide 4BR/2BA in a nice mobile home community in the Greenville South Carolina area. Other homes in the area at one point were selling in the $100s. We think we have a very reasonable price on ours at $59,900. The home has a brick underpinning and a paved driveway. The lot is small, roughly 1/3 acre, but the tax value on the lot alone is $18,500. I think we could get a realistic appraisal in the mid $70s.
We have a candidate to purchase the home that we are having a terrible time getting financing through our local mortgage brokers. He has a middle beacon score of 572. He makes roughly $28K per year and he has been at the same job for 4.5 years. He is a transmission mechanic. He has had some collections in the past that are still outstanding to the tune of about $16K. One MB tried to work out a refinance deal where we sell the candidate the property with owner financing for a short period of time and then refinance to get our money out. The bank would not do it. His only other option was to do an 80/20 loan with the candidate putting $12K down. Our guy does not have access to that type of downpayment. Finally he needs to keep his payment around $585 per month. We do not want to do any financing ourselves unless it is a very short term note with a refinance at the end.
My second MB said he did not think he could do anything with this guy. Before I cut him loose, I thought I would put this on here to see if anybody has any ideas. Is it getting impossible to finance a mobile home now that most banks are dropping there programs?
Thoughts? Any ideas would be appreciated.