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Lacy1798
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 Posted: Wed Mar 25, 2009 6:34 pm Post subject: Can I use land as collateral to buy mobile home |
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My dad said he would gift an acre of land to me worth between 15-25 thousand dollars if I could get a loan of $25000 to buy his mobile home. He would give it to me and I could use that as collateral to get the loan. The only problem is that I have poor credit. Is this a problem? The mobile home is a 1997, 3br, 2ba, very nice.
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 smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Wed Mar 25, 2009 8:08 pm Post subject: |
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Hi Lacy!
Welcome to forums!
If you have a poor credit it would be difficult for you to get a loan. In order to get a conventional loan, you would require a credit score of 700 whereas to get a FHA loan, you would require a minimum credit score of 620. You need to improve your credit score first and then look out for loans. To know more about improving your credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you have further queries.
Sussane |
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Lacy
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| Posted: Thu Mar 26, 2009 6:58 am Post subject: |
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| So if I had the land in my name and used that as collateral, that wouldn't matter? I would still need good credit? |
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dilipgagare
Joined: 26 Mar 2009
Posts: 58
0.01 Dollars($)
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| Posted: Thu Mar 26, 2009 7:56 am Post subject: |
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Yes ,If land is your name then you can bye this land any time or any person...
And You have good credit if you have land.. |
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tawanastegall
Joined: 26 Mar 2009
Posts: 58
Location: Texas
25.80 Dollars($)
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| Posted: Thu Mar 26, 2009 8:23 am Post subject: Using land as collateral for your home |
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Hi,
In any other circumstance I would say that you have no chance of getting a home approval for bad credit. But, in this instance most mobile home business use your land as your approval.
If your dad gifts this land to you and it is truly worth 15-25 thousand dollars with no strings attached, and your credit score is justifiable, you have a great chance of being approved through a mobile home sales office that states "your land is your credit".
Good luck on your search. I know where have a ton of those here in Texas. They truly do put you in a home and stand by their big sign of stating your land is your credit.
TaWana S.
[Link deleted as per forum rules. Thanks]
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I hope this helps =)
TaWana Stegall |
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