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Updated almost 10 years ago on . Most recent reply
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Financing a home in a private RV Park? Newbie here--things I need to think about?
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.
Anybody have advice on this?