I have been pre qualified for FHA loan. I found a duplex on five acres that also has nine mobile home lots. Will this still qualify since the mobile homes don't convey with the property?
As long as it is 1 parcel, even the other Lots could convey
@Greg H. My loan broker is telling me that the property will not qualify for FHA loan. Still early in process but my understanding is the entire five acres is one parcel and none of the mobile homes on the property are owned by the seller.
I get the feeling that he has never faced this inquiry before and may be saying no on reflex.
Ahhhh. You mentioned mobile home lots and not mobile homes themselves. Even though they may be personal property(depending on your state), my guess is it will be non conforming for FHA
@Greg H. Property was classified as mixed use today. No more 3.5 down payment. Found a small local bank to do commercial loan with 15 down, 20 year amortization and 7 year balloon. $1600 monthly on NOI of 2000 monthly. $50,000 out of pocket.
On one hand COC return less than 10%.
On the other hand I live there for free and lower my living expense by $725 monthly on top of it.