Can the seller of the property also be a cosigner of my loan?

Q: Want to purchase mobile home and property from my current employer, who is also my ex-brother-in-law. My credit is poor, but he is willing to co-sign a loan with me. His credit score in 750s. He owns the property in question free and clear, with no loans outstanding. Are there lenders whom handle these type of situations?

A: You should be able to find a lender. If your mobile home is more permanent than mobile, might even be eligible for a traditional mortgage loan from the FHA. Read the article in the 'recommended reading' section to see if your mobile home is or can be turned into "real" property. If not, you'll need to start shopping the markets for a "chattel" mortgage, a kind of personal loan.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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