Lakewood, WA · Member since 2014 · 14 posts · 4 votes
This is a non-investing purchase.
I'm looking to buy my first house. It's listed at $95k, but is in an RV Park. It is a stand-alone structure, but I think it is technically listed as a condo, and it does have HOA fees. My RE Agent is telling me something about how park financing is more difficult, but that he has a financier that works with parks and says that the terms would most likely be 20% down payment, around 6.5% interest over 30 years, with a cash out in 3-5 years.
Again, total newbie here--though I am, of course, aware that this is quite a bit higher than the typical mortgage rate. I have excellent credit and can easily make a 20% down payment.
I also am military, so I don't know if VA loans would qualify.
Lender · Richardson, TX · Member since 2014 · 537 posts · 228 votes
11y
What do they mean cash-out in 3-5 years? I hope that is not a balloon.
Whenever you buy a property, you have to think about resale. Not everyone is going to want to buy a property in an RV park, so why buy a property that already has one strike against it?