I have found 1 acre of land in Casar, NC that has a single-wide on the property. The asking price is $28,000 and I have anywhere from $5,000 to $8,000 to put down on this property. My credit is not good and I have purchased a car last year and would like to know if there is any funding available for me. I have been at my job for 18 yrs. and am trying to purchase something for my children and my self. I am a single mother and work 40 hrs. per week.

G. M.
Shelby
North Carolina

Answer:

Dear G.,

Unfortunately, residential mortgage loans for manufactured housing are the most difficult to qualify for. Usually you must have good credit and/or 10 to 20% down payment. If your credit has been good for the last twelve months, then you may qualify for a low down payment FHA loan. Also, the single-wide must be on a permanent foundation in order to be considered real estate, and most lenders require that it is in its original location (never moved).

Rick Lanicek
PrimeLending, A PlainsCapital Company
17950 Preston Rd Ste 50
Dallas, TX 75252-5759
(972) 705-9721
(800) 256-0817 Ext 202
Mobile (214) 552-6125
eFax (972) 692-7260