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Updated about 2 years ago on . Most recent reply

User Stats

38
Posts
11
Votes
Joe Schultz
  • Marble Falls, TX
11
Votes |
38
Posts

Financing for singlewide

Joe Schultz
  • Marble Falls, TX
Posted

I plan to by my parent's home. It's a singlewide mobile home that we've added onto etc.  I have recently found out that no matter what you do to a singlewide, lenders all see it the same and they don't offer any loans for them.  

Note: My parents will stay in the home with me but I will own it and pay taxes & insurance etc.

Financing, not finding any options. I was looking for a mortgage so I would be able to use savinngs to purchase 1 or 2 more rentals and get a tax benefit (making it my homestead). But if I get a different loan, I don't think I would get a tax benefit. 

Note: Counting next year's income, I could pay for this, out of my savings. Although I was hoping to buy 1 or 2 more rentals next year but if I use all my savings that won't be an option. 

Any thoughts on this would be appreciated.

Thank you, Joe

  • Joe Schultz
  • Most Popular Reply

    User Stats

    312
    Posts
    173
    Votes
    Samuel Coronado
    • Investor
    • Huntsville, AL
    173
    Votes |
    312
    Posts
    Samuel Coronado
    • Investor
    • Huntsville, AL
    Replied

    Put it on a permanent foundation. Do not mention it is a mobile home. New laws say they must treat it as a stick built home. Also, you do not have a "mobile home." You have a manufactured home that meets all HUD requirements.

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