[jecka24]

We are going to purchase a mobile home on 1 acre. We currently have our own home, but purchasing this one for my son and going to make it look as if its rental property that I am going to be profiting off. Because my son can't get a loan. Is it hard to get a 2nd home loan especially on a mobile home. We don't know yet what the home appraisal value is. And the ladies are selling the home for sale by owner? Any advice or suggestions will be very helpful. Our credit score is in the 600's.

[AW805]

The first big no-no is lying to get a loan. This kind of stuff is what gets people in a whole lot of trouble.

Why can't your son get is own loan? If he is lacking in credit or has bad credit, I would suggest he rent his own place and work on his credit issues.

[ScottGem]

First, it matters not that you are buying for your son, or investment or whatever. The fact that you are buying it to rent to your son makes you a more attractive borrower.

Whether you get the loan or not depends more on your ability to pay then anything else.

[Dr D]

I am assuming that the home has had the wheels removed and is permanently affixed to the ground in accordance with local building codes. That would put it in the class of "Manufactured Home". Recently the mortgage industry has developed a strong dislike for Manufactured Homes. In the past, you were able to get a mortgage for a "MH" under the same terms as a stick built house. Now the few lenders who will even do a loan on a MH will require a minimum down payment of 10% (on a Conventional loan)for an Owner Occupied purchase and charge higher interest and more points. An Investor loan would most likely require even more down plus additional costs. For qualifying ratios they would allow 75% of the rent to offset the mortgage payment, and they may require several months (of mortgage payments) cash reserves after close. FHA and VA still allows MH loans, but for Owner Occupied only.