+1 vote
asked in FHA Loans by
I am needing a home loan for a mobile home on a foundation. It needs a few things to make it safe. Electric panel needs investigated, deck or steps at sliding glass doors, and carpet. We can do the deck or steps but the electric is the thing. Carpeting can wait. I have quotes for carpet, and deck. We live paycheck to paycheck and have not been able to save for a down payment. I work for a school district, and my husband drives for an agriculture sales business. We have 3 children, one in College, one in High School and an infant. Finally found the perfect home, just no one wants to lend us the money. We qualify for USDA, VA, FHA, and HUD.

1 Answer

+1 vote
answered by
I do not quite understand your question. Are you saying that you need repairs on the home you are interested in? If you need repairs, you can possibly qualify for FHA 203k Rehab Loans which is an acquisition and construction loan all in one closing. However, you need 3.5% down payment on the after improved value. USDA and VA Home Mortgages allow up to 100% financing. However, the home needs to be able to meet safety guidelines which means electrical issues of the property needs to be addressed and corrected before the loan can be approved and closed.
commented by (20.4k points)
It is always recommended that homeowners have reserves in the event if something may go wrong like a furnace breakdown or appliance repair. These are high priced repairs
commented by (20.4k points)
It is always recommended that homeowners have reserves in the event if something may go wrong like a furnace breakdown or appliance repair. These are high priced repairs. Repairs can run into a few thousand dollars
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