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How would owning a mobile home effect USDA RD Guarantee

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ji9
Regular Contributor

How would owning a mobile home effect USDA RD Guarantee

We are thinking about purchasing a mobile home ($5k-7K price range) and paying cash.  About a year from now we hope to quality for a USDA RD Guarantee loan and then sell the mobile home after we purchase a house.  How would that "idea" work with the RD loan, is it possible to do that??   Will they allow us to buy a house while still owning the mobile home?  

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 1 of 9
8 REPLIES 8
sewmuchdebt
Regular Contributor

Re: How would owning a mobile home effect USDA RD Guarantee

i'm not really educated on the usda loans, are u referring to being considered as owning a previous home or being a first time homebuyer? owning a mobile home is considered real property. it would be like owning a car.not considered real estate unless it is attached to land and put on a foundation and home and land are financed as one.hth


Starting Score: EQ 505 jul09
Current Score: EQ 702 TU 693 EX 692 apr12
Goal Score: 700+


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Message 2 of 9
ji9
Regular Contributor

Re: How would owning a mobile home effect USDA RD Guarantee

I don't think USDA RD Guarantee has any sort of first time homebuyer requirement.  Just wondering if your current home needs to be sold first in order to close on a USDA RD Guarantee loan and how would the value of the mobile home factor into the new home purchase (if at all) since it's such a low amount.

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 3 of 9
sewmuchdebt
Regular Contributor

Re: How would owning a mobile home effect USDA RD Guarantee

if you are paying cash, then you won't have any debt on it. it would then be considered as an asset on your application.but maybe someone else could chime in and offer more insight


Starting Score: EQ 505 jul09
Current Score: EQ 702 TU 693 EX 692 apr12
Goal Score: 700+


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Message 4 of 9
Familywantsahouse
Frequent Contributor

Re: How would owning a mobile home effect USDA RD Guarantee

It's also my understanding that the loan is only avaialble to people without suitable housing, so I'm not sure you would qualify if you already owned "suitable housing"...

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
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Message 5 of 9
Anonymous
Not applicable

Re: How would owning a mobile home effect USDA RD Guarantee

I am in the middle of an RD Guaranteed loan myself. From all of the information I have gathered, there is a clause that discusses selling your current home before purchasing with USDA. Now, I don't know if this is only if you have a mortgage on your current home, so it's worth looking into it to see.

 

Also, the "suitable" housing situation. I did research on that previously when applying for my loan. They consider a mobile home to not be a suitable home. I don't know why, but that is the case, and it'll certainly be in your favor.

 

Good luck with everything!

Message 6 of 9
ji9
Regular Contributor

Re: How would owning a mobile home effect USDA RD Guarantee

I won't be working by the time we go to buy a house so we will only have my husbands income.  If we put the mobile home in my name and he were to app on his own for the USDA RD Guarantee would that work.  Also, same question if we were to try and go FHA instead of USDA.  Thank you.  Smiley Happy

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 7 of 9
ji9
Regular Contributor

Re: How would owning a mobile home effect USDA RD Guarantee

Anyone have an answer??  Thank you.  Smiley Happy

Starting Score: 608 (TU) 612 (EQ)
Current Score: 679 (TU) 679 (EQ)
Goal: 760 on all
Message 8 of 9
Anonymous
Not applicable

Re: How would owning a mobile home effect USDA RD Guarantee

I did read (a few posts up) that as long as you don't have an FHA mortgage on the mobile home then you will be able to get an FHA mortgage on the second home. Good luck!

Message 9 of 9
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