Low Income loans

bldgbud · Joined: 05 Feb 2009 Posts: 1 1.76 Dollars($)

I'm looking for a low income loan that I can use to purchase a manufactured home, put in the foundation and septic. I own the land, valued at $100,000... 5 acres. Fico score is 716 but have a tax lien on property which is the reason my score is lower. Bal of $3350. and want to pay that off wrapped in the mortgage. Total cost of this project is $96500, if I let the contractor do everything. (Not sure I'm going to.) Contractor wants $25000 to hook up electric, put in septic, foundation and hook up water lines. I think I can cut that down a bit by putting in my own septic and hooking up the water lines. ANY help you can give me would be very appreciated. My land is in Southern Calif.

sara · Posted: Fri Feb 06, 2009 2:46 am Post subject:

Hi bldgbud,

I don't think the IRS will allow you to take out the low income loan on a property which has a tax lien. Currently your credit score is quite good. So, I feel you shouldn't let it go down by not paying off the lien. And as far as the contractor is concerned, you should be well aware of his service background. Only then you should allow him to take up the entire project.

Regarding the low income loan, you can look out for programs offered by the FHA or the state housing authority. There are the FHA insured Title I loans provided for the purchase and refinance of mobile homes. Know more on mobile home loans.

What you can do is, have a talk with the mortgage lenders in this community. They'll offer you a no-obligation free consultation on the mortgage that will best serve your purpose. This will help you explore the options that you may qualify for.

Take care

Guest

My parents paid for my singlewide mobil home on 5 acres, the property is in my name, so I need a loan to pay them off, also my truck. The land is 35,000, the truck 17,000. Total loan wanted is around 50,000. Taxes value the land & home at 73,000. I tried FHA loan but because the house was not new when it was put on the land they refused the loan. The home is an 83(year). Any ideas on how to get a loan, im single and work full time(23,000/yr. W/ credit 699?

jenkin7 · Posted: Wed Nov 04, 2009 12:54 am Post subject:

Hi Jane,

Your credit score is good enough to qualify for a mobile home loan. However, the home seems to be quite old, which is why getting a loan will not be easy. If the house was placed on a different site before it was put on the current location, FHA will not offer any loan. You will have to look for other lenders who may offer you a loan. You may go for a no-obligation free mortgage consultation with the lenders in this community and check out if they can give a loan against your property. They will check your credit, income and the other required factors and will let you know if you can qualify for a loan.

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