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jprmedic350 · Joined: 29 Jun 2010 Posts: 1 1.42 Dollars($)

i am doing this for my parents, they ae here in CT on vacation they have lived here until about 7 yrs ago. they now reside in phoenix arizona, but want to move back here to connecticut. they own a mobile home here in CT which is on its own land, both ae paid off. they also own a place in phoenix arizona. its a mobile home in a park. that also is paid off. they have found a new place here in CT and they really like it but everything has come to a complete stand still. they plan on selling the place in phoenix as well as the place in CT but cant get a loan for the new place they found due to debt to income being to high. is there anyway they can maybe use the house in CT as collateral to get the loan or who knows I would really hate to see them lose out on something they both like, they have the money for a down payment as well as some extra to pay off a few of the debts they have , also have the colosing cost money but like i said they are at a stand still

adonis · Posted: Wed Jun 30, 2010 12:21 am Post subject:

Welcome jprmedic,

As their debt to income ratio is high, it would be difficult for your parents to qualify for a mortgage. They will have to sell off the properties located in CT and Arizona and then purchase the new property. As their debt to income ratio is high, they won't be able to get a mortgage on that property that they own free and clear in CT.

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financing a mobile home in a pak

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