Second Mortgage

You want to buy a mobile home in Florida with no down payment?

It is not difficult to buy one but you have to know how to tackle it with a few things in hand. For instance, you have found the perfect property in central Florida. It’s an acre of land with an older single-wide mobile home on it. It’s the only home you can afford without being an absolute shack on no property. You love it because you’d be spending your money mostly investing in the property, and you could build your dream home on it later.

The problem — you don’t have money for a down payment. Now you have a good credit as you have been approved by your bank for the second mortgage. Moreover, in Florida, every government program you will find will not help with the purchase of a mobile home– not SHIP, not First Time Homebuyers, not Fannie Mae, not HOME, etc.

Now what is your best bet? You can trade something in like car, boat, motorcycle or anything that don’t eat. You can also go back to your bank and talk to them about putting up the property as collateral.

On the other hand, the best program in Florida is a 95% Loan to Value. The mobile home would need to account for 50% of the property value. Also, there are some independent programs that help with down payments assistance. Or, you might if the seller would provide enough considerations to meet the other 5%. For some free tips on how to negotiate better with the sellers, log on to this site: freerealestatesecretssoutherncalifornia.com/three_rules.aspx

The reason why certain programs such as Fannie Mae do not include mobile homes is that they depreciate value.