does anyone know about a program where you can buy a home after renting it for a year?
we are trying to buy a peice of property with a large newer single wide mobile home, but i have no credit it has about 7 acres of good ground fenced in,i have a good job for the state of ky., i just got divorced and everything before was in my husband's name.
PLEASE HELP IF YOU CAN
- 1 decade agoFavorite Answer
I am a mortgage broker but have no lenders for financing a single wide as our loan amount can't be lower than $100k
I do know 21 Mortgage Corporation finances singlewides.
They are based in Kentucky or Tennessee.
Email me for the phone number at:
James WrightSource(s): experience
- wood_vultureLv 41 decade ago
I rented a place for a year from a friend of my dad's. Technically, all we did was a one-year lease with option to buy (with a loan, not cash). Basically, you just have to be straight with your landlord/landlady: "I wanna buy this place, but here's why I want to rent it for a year first." Why do you want to rent it at all, if you know it's what you want? That's what I'd ask; have a good answer. And have some good references; the more people who think you're cool, the cooler you'll seem. Hope that helps.
- 1 decade ago
Sorry, Jackie. The home you live in is a single wide, and in order to secure a mortgage on it, it would have to be on a permenant foundation.Source(s): I am a Residential Mortgage Specialist with American Home Mortgage licensed to lend in all 50 states.
- 1 decade ago
You may want to look into "contract for deed" arrangements-not highly favorable but may fit your need. good luck.