Actually, they changed the rules several years ago to where it
worked just about the same as buying a house. Used to just about
anybody could get a mobile home. after that changes many mobile
home dealers around here went out of business.
On 12/29/2010 6:39 PM, Allan Streib wrote:
Mitch Haley<m...@voyager.net> writes:
Land contracts are for people who can't get mortgages, either because
they don't pay their bills or because they want to buy too much house
to have a reasonable debt to income ratio.
There are exceptions: people who are self-employed and would have
trouble with conventional financing; people with NO credit history
(there are a few) but in general you are right.
I've seen it around here by people buying rentals who want to
essentially use the tenant's rent to pay the contract and get a little
cash over and above that with little risk on their own part... or people
buying land to put a mobile home or a manufactured house on. Your
credit has to be REALLY awful to not be able to finance a mobile home,
that's sort of a bottom-feeding industry.
Allan
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