Has anyone sold a home to a tenant where the tenant was successful in getting a loan from a local bank for the transaction?
If so, what kind of terms did the bank provide?
I know i have read on here that people do this. Sounds like a great scenario if you have this setup getting yourself out of the loop and just understanding the risk of having a home with a mortgage held by an outside institution within your property.
Unfortunately, Dodd-Frank took most small banks out of the home lending business, particularly for smaller value homes. The law increased the risk of issuing loans that weren’t big money makers to begin with. Some small banks still issue them for MH owners with good credit and real down payments, but the list is shrinking.
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Anyone know which banks in particular will give MH loans to residents?