credit problems

Guest 0.10 Dollars($)

Me and my husband want to purchase a manufactured home brand new for 115,000 we can put down 58,000. The problem is that while his credt score is high enough to qualify for a loan mine is not and he cant finance the loan on his own as my income is higher than his. We have been working to pay down our debt through credit consolidation but it is not moving my credit up fast enough we need to do this by may 2008. Any suggestions on what we can do.

Thanks,

elnoralittle · Posted: Thu Oct 02, 2008 4:42 pm Post subject:

Try to contact a lender about an FHA mortgage. FHA will go down to a 580 score.

If it doesn't work out that you can get a loan through a lender, you can always look for a home that someone is willing to hold the note and sell the property to you. It isn't as uncommon as it sounds.

Also, there is a program called RHS. Rural Housing, they require you make a medium income, and your debt to income ratios need to be inline, and the property has to be with in a certain area, but your lender can tell you if it is, but also, they take inconsideration hardships when reviewing credit.

chrisburns · Posted: Thu Oct 02, 2008 5:50 pm Post subject:

I wonder if she got the house?

elnoralittle · Posted: Thu Oct 02, 2008 6:31 pm Post subject:

I just saw the may 2008 part, but the post was originally today.
Not sure.

smithsussane · Posted: Thu Oct 02, 2008 9:43 pm Post subject:

Hi sbrown!

Welcome to Forums!

You can try for FHA loans which are offered on a credit score as low as 580.

Sussane

Guest 0.10 Dollars($)

No I havent got the house yet I wanted to be sure what I could do credit wise before I have tons of lenders check my credit and my credit score sinks further.

I am open to any and all sugestions

Thank you

Guest 0.10 Dollars($)

Also the house would be located on a Indian Reservation which I understand creates problems of its own.

Guest 0.10 Dollars($)

sorry I meant May 2009

jerry · Posted: Fri Oct 10, 2008 5:26 am Post subject:

Hi sbrown!

I completely agree with what Elnora has said. However I would like to know what you mean by "Indian Reservation".

Thanks,

Jerry

Guest 0.10 Dollars($)

our lot is located on a native american indian reservation on tribal trust land.

jerry · Posted: Tue Oct 14, 2008 4:27 am Post subject:

Hi sbrown69!

I think the land is rented as you have said that it is under a tribal trust. In this case you won't be able to get a mortgage but you can avail personal property loan.

You can also check the following link for further details:

http://www.mortgagefit.com/mobile-homeloan.html

Thanks,

Jerry

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