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Don't Taze Me, Bro!
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My son & his wife is moving back to Parker. Rather than having him pay rent to someone else, he may as well pay it to me.

We found a nice place, however getting mixed messages from Mortgage peeps. Here's the deal.

16'x80' (1,280 sf) 1994 Cavco, 3 bdrm, 2 bath. Looks modular (2 piece) but is listed on all docs as a singlewide. Deeded land. Zip 85344. Lakeside 5 subdivision. Home is also listed as "married" to the land for Property Tax.

On stands with wheels, axles and tongue(s) removed.

Listed at $98,888. Loan will be from $65,000-$75,000 (after lowball offer and 20%+/- down.

We (wife & I) will be buying it. FICO over 800 for both. $130G income. Me VA eligible (although I don't know if VA will apply on a 2nd home)

Can anybody do this or offer some guidance?
Rates?
Points?
Costs?

Thanks in Advance. :)
 

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My son & his wife is moving back to Parker. Rather than having him pay rent to someone else, he may as well pay it to me.

We found a nice place, however getting mixed messages from Mortgage peeps. Here's the deal.

16'x80' (1,280 sf) 1994 Cavco, 3 bdrm, 2 bath. Looks modular (2 piece) but is listed on all docs as a singlewide. Deeded land. Zip 85344. Lakeside 5 subdivision. Home is also listed as "married" to the land for Property Tax.

On stands with wheels, axles and tongue(s) removed.

Listed at $98,888. Loan will be from $65,000-$75,000 (after lowball offer and 20%+/- down.

We (wife & I) will be buying it. FICO over 800 for both. $130G income. Me VA eligible (although I don't know if VA will apply on a 2nd home)

Can anybody do this or offer some guidance?
Rates?
Points?
Costs?

Thanks in Advance. :)
Dont know about rates, pts, etc, im not a mortgage guy, but i will give u some advice for whats it worth. My wifes parents have been renters for 20 years, and there place was falling apart and rent going up.... so i decided since we are in a down market, maybe i should make an investment on a house, and they could have lower rent, and me an investement, and we would all win. Its ben ok so far, theyve been in it a couple months, and just made thier second payment. I have learned a few things quickly about dealing with family though. What happens if they lose jobs, or income, and cannot pay the rent, do u evict them? that would be tough for me to do. Secondly, there has been a few things that have needed repairs since they moved in (before they moved in i cleaned, painted, new carpent and fixed anything that needed it) and they expect things to be fixed immediatly. In thier old place they were always worried to ask the landlord to fix anything because the rent would go up. I told them in the begining all they had to do was worry about making the monthly payment, and it will not go up. It is very low only because i put 40k down(they were renting for $1750, now its $750. I guess what im trying to say is, if i knew there would be issues like this i may have reconsidered renting to them. Market value is about $300 more a month, so im basically loosing that each month, plus fixing things most renters would just do themselves( i.e. sprinklers, cabinets, etc.)

Good luck, and let me know if u have any other questions.
 

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My son & his wife is moving back to Parker. Rather than having him pay rent to someone else, he may as well pay it to me.

We found a nice place, however getting mixed messages from Mortgage peeps. Here's the deal.

16'x80' (1,280 sf) 1994 Cavco, 3 bdrm, 2 bath. Looks modular (2 piece) but is listed on all docs as a singlewide. Deeded land. Zip 85344. Lakeside 5 subdivision. Home is also listed as "married" to the land for Property Tax.

On stands with wheels, axles and tongue(s) removed.

Listed at $98,888. Loan will be from $65,000-$75,000 (after lowball offer and 20%+/- down.

We (wife & I) will be buying it. FICO over 800 for both. $130G income. Me VA eligible (although I don't know if VA will apply on a 2nd home)

Can anybody do this or offer some guidance?
Rates?
Points?
Costs?

Thanks in Advance. :)
On a modular home, you may have to come in with more than 20% down. I don't deal with these on a regular basis so I would contact your local banks to find out what kind of deal you can get. Rates are pretty good right now Alan. 4.75% is at par for conforming rates. You may have to pay a little more since the property is a modular home but again, ask a local broker or bank on that one.
 

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100% Pimp 50% of the Time
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On a modular home, you may have to come in with more than 20% down. I don't deal with these on a regular basis so I would contact your local banks to find out what kind of deal you can get. Rates are pretty good right now Alan. 4.75% is at par for conforming rates. You may have to pay a little more since the property is a modular home but again, ask a local broker or bank on that one.

I don't think it's a modular home
On stands with wheels, axles and tongue(s) removed.
Mobile Home...
 
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