Question by in search of better weather: can i get a first time home owners loan . i bought a trailer but it shows up as a secured loan?
i bought a new trailer in 1996 ,it shows up on my credit report as a secured loan ,not a real estate loan on my credit report.also it is in a park. can i get a first time home owners loan?
Best answer:
Answer by CRYSTAL P
I dont see y not. u can at least try the worst they can do is say no
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A secured loan is not a mortgage. You have never owned a home, so yes, you can still get a first time loan. However, they’re not all that great most of the time. Don’t get stuck in that idea and miss a better deal elsewhere.
Technically, a mobile home in a rental park is personal property not real estate. A car loan is a secured loan as well, but they won’t hold that against you.
The FHA doesn’t care anyway and in the current market, the FHA is looking like the best option for maximum loan to value without risking a last minute declining market determination which could cut the loan to value by 5% requiring a larger down payment.
Let me know you would like me to help you with your purchase.
I believe you can. Your *home* is probably not converted to real property yet so therefore considered a secured loan. Try calling a Realtor and checking out the many programs that the Government has to offer for first-time homeowners….The USDA has a great one. FHA, VA etc….There are many depending on where you live. Good luck too.
Yes, because a trailer is titled like a car.
Unless you own land, you are a first-time homebuyer.