I can't get in touch with my mortgage guy until tomorrow, but we've run into a conundrum. We found a place we would LOVE to purchase as a primary residence long term residence (as in no intention to ever move again until they force us into a home). A few acres - the land and location is the selling point for us. The problem is the home on it right now is a 1958 manufactured home - good condition and quite livable, albeit outdated. There's also a 15 year old park model on the property, but it isn't on a foundation or hooked up to septic/water (the older one is). We want to purchase now, then in 5 years or so replace the mobile with a small home of some sort.
My rudimentary research shows that it is pretty much impossible to get a mortgage on an old manufactured home. We're prequalified for a conventional (not FHA), but that will likely be a no go on this property. The owners will NOT carry the note. Any other financing options we should be looking into?
