Need info on personal loans

mc8 · Joined: 08 May 2009 Posts: 11 5.70 Dollars($)

The land I'm presently renting for my manufactured home is being sold out from under me. The new owners want me off their property so they can run cattle, or whatever.

So I have found a small piece of property selling for $49900. It's a nice property, manufactured home accessible, septic, city/& well water, utilities, etc.. But it needs the burned out remnants of its previous house [also a manufactured dwelling] cleaned off, fencing repaired etc..

I figured, if it's possible, to try for a personal loan of $55000. That will cover moving my home to the property plus putting down a permanent foundation...AND if I make an offer of $40 to say $42,000 [and it's accepted] the other monies could go for clearing away the debris.

I am paying, at present, $524 per month on my mortgage. I do not have any other payments on anything. But I am the sole provider for 2 sm children and I make, without overtime, $1600 a month.

Can I get a personal loan for $55000? I have to be able to get something otherwise my 2 little children and I are going to be homeless! How much would monthly payments be? I have saved $2000 for a down payment.

Please can someone who is honest and legitimate help me. I feel like I am about to go under and there just is not a life-line being thrown out. Somehow I just will not let my children suffer. This is America, these things shouldn't be allowed to happen.

Sorry for my venting...I am scared!

Niicss · Posted: Fri Jun 05, 2009 2:14 am Post subject:

Hi mc

Personal loans are available at a higher rate of interests. In my opinion, it will be better if you could look out for FHA or conventional loans.

Apart from your income and the down payment factor, getting a loan will also depend upon your credit score. If you do not have a good credit score, it will be difficult for you to get a loan. You should have a credit score of about 620 to get a FHA loan and 700-720 to get a conventional loan.

If you have a good credit score, there are chances that you may qualify for a loan. I would suggest you to speak to few of the lenders of your area and check out if they can pre-qualify you for a loan. This community also has a large number of lenders. You can seek a no obligation free mortgage consultation from them which will help you to know whether you will be able to qualify for a loan or not.

Thanks.

gmakerley · Posted: Fri Jun 05, 2009 7:23 am Post subject:

personal loans are, by definition, unsecured loans. that means that the only guarantee is a signature. secured loans have collateral, such as the home you propose to buy, a vehicle, a house, etc.

since you mention borrowing quite a bit more than the home you hope to buy is worth, you're really talking about unsecured debt. honestly, even in good times (not like 2009), personal loans were limited and expensive. in the current economic climate, i'm afraid you're going to find that personal loans are virtually non-existent for the amount of money you plan to request. even if available, i suspect that the interest rate you would be required to pay would be prohibitively high.

i don't mean to put a damper on your plans, but you did ask for an honest and legitimate answer. i do wish you well.

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.53 Dollars($)

since personal loans are unsecured loans, interest rate will be higher

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