So I'm currently in the process of trying to find out how to finance 2 duplexes and a mobile home with a FHA on 1 lot. What would be the best way to finance it without having to do a commercial loan?

I've looked around and haven't seen anything helpful. Any insights or pro tip of the day would be helpful. 

Thanks, 

Levi Fox 

@Levi Fox

Congrats on your deal, I hope you get it.

In my experience FHA can be real picky with mobile homes, they don't generally like single wides. Any reason why you are going FHA? Have you looked into portfolio lenders? How far are you in the lending process?

FHA is solely due to low down payment. I haven't considered portfolio lenders never heard of them until now. Right now we're shopping for FHA's. Theoretically if we stated in the offer that the mobile home is of no value due to the condition it is in (which is falling apart literally) would that work?

From my experience, the home owner-occupied loans (VA/FHA) will only secure a single property on a plot of land. So, it can work up to 4 units if they were all under one roof. The fact that there are three separate structures is going to cause the need for creativity. If this is your first purchase, congrats and if you can manage this please share your experience with the community.

Potentially a seller financing deal might be the way to go. You can negotiate whatever terms may best fit your needs and present it in a way that would be equally beneficial to the seller. Best of luck. 

Originally posted by @Levi Fox :

FHA is solely due to low down payment. I haven't considered portfolio lenders never heard of them until now. Right now we're shopping for FHA's. Theoretically if we stated in the offer that the mobile home is of no value due to the condition it is in (which is falling apart literally) would that work?

No, FHA will want the structure removed.

True story. A couple years ago, we had a similar situation. Property had a single wide mobile home on it. FHA financing. Underwriter required structure removed. We got the buyer and the seller to make a deal with the local volunteer fire department. They could burn the structure down and train on it as long as they treated the single wide like a donation and the seller got a tax deduction. Then we got a letter from a local yard clean up handyman who said he would remove the debris for $300. Underwriter was satisfied and loan closed.