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I am interested in purchasing a used mobile home in excellent condition for $25,000. Should I go for a home equity loan or a mortgage?

This is a "pre-1976" home, so financing is a challenge; however, I have more than sufficient equity in my "non-owner occupied" condo and have a credit score between 678-686.
This home has numerous upgrades, is fully furnished with upscale furnishings, newer central air and full-length covered patio. HOA fee only $446/mo.
I've already been approved for a loan but they want $1,000 appraisal fee which I absolutely refuse to pay!

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  Answers  |  1

June 21, 2016

If you can locate a HELOC (Home Equity Line of Credit) - use it. You likely won't be able to find one, so the likely only option will be to use a regular cash out first mortgage program. Maybe locate a lender that will charge a lesser appraisal fee?

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