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Guest

we will have a large downpayment of 50,000. looking to finance around 40,000 on a used mobile home that they are asking 94,000. Filed bankruptcy one year ago, received inhertiance and had to pay the bankruptcy court back all that we filed. Could you please advise on where or how to look for reasonable rates. We want something that we can afford the payments.

Niicss · Posted: Wed Oct 15, 2008 4:28 am Post subject:

Hi caffleck!

You do some mortgage hunting and check what rates are available for you or what kind loans the lender is offering you. In this way you will be able to judge the situation and choose the correct type of mortgage you can go in for.

You can also go in for a free no obligation loan consultation. Check the following link
http://www.mortgagefit.com/signup/

But as you have filed a bankruptcy, I don't think you will get a loan so early because you will have to wait for minimum 2 years to get a FHA loan. May I know what bankruptcy have you filed?

Thanks.

Guest

we filed a chapter 7

Guest

We were quoted a loan at 14% int, which makes the payments about $75.00 more per month than our budget allows, is there any other options ? The home we are looking at is worth the 94,ooo asking price so the value is there, is there a way to get a loan with a little less interest, and refinance after a year?

Niicss · Posted: Thu Oct 16, 2008 2:26 am Post subject:

Hi caffleck!

Welcome to forums.

You can speak to the lender and check if he can offer you any plan with a lower interest rate. You can also look for FHA loans which, I think, are available at a lower interest rates.

Thanks.

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