Posted: Tue Apr 04, 2006 4:15 pm Post subject: Availability
I'm Like jimmy t who posted on Jan.3rd 2006.. I'm trying to find a loan on a 1967 mobile home on 15 acres of land in Vermont and can't find anyone to loan us the money. I can put 25% down and know one will touch it. Local lenders say I don't qualify because I don't make enought money. All I'm asking for is 43500.00 loan and I make 24000.00 a year. Can anybody help me please? I Live in Miami, Florida and you can't buy a home under $100,000.00 and that is in the worst neighbor and slum conditions and people here can buy a home that make only 9.00 or 10.00 dollars an hour an buy 300000.00or 400000.00 homes and I don't understand. Can anyony help me please. Thanks Gloria Q
I can understand the problem that you are in. We will definitely try to help as far as we can. We need to know some more things so that we can serve in an efficient manner.
Can you give us your credit score? We would also like to know your debt to income ratio, debts and other expenses.
It's good to see that you are prepared to make a considerable amount of down payment.
But I should make you aware that it is difficult to get a loan on mobile homes built prior to 1976. You may get one but there are some conditions for your mobile home that requires to be fulfilled. Also you may be required to have a FICO score among other conditions.
Anyway, we will forward your request to our loan department who will contact you and will have discussions related to your requirement.
Don't lose hope. There are various lenders and you will hopefully find one convenient for you.
Feel free to post in case of any more doubts. We will try to help you in the best possible way.
Posted: Wed Apr 05, 2006 4:26 am Post subject: 1967 mobile home's loan
Hi Samantha. In answer to your question : my Fico Score is between 620-674; my score was always excellent (I never checked it, but I always paid my bills);, but going thru my credit report I found a Medical Bill that I though was paid in full for my Insurance, because I never received any bills from the medical facilities that gave me services (minor's health stuff). I contacted the collection agency and will paid the amount that wasn't paid by the insurance. they said will sent me a letter explaining that I paid, and I will find for how long they will keep me in the credit bureau. I admit that I was late in just one payment to home Depot Stores, and I already paid it, the balance is $0.00 (by focusing on something else I completely forgot about the payment). Since I came to live in USA (I'am American Citizen) I always accepted credit cards offers (thinking: The more credit cards that I have is good because It shows I'm reliable)I never used all of them. I am learning now that it is not good to have so many credit cards. I feel like there isn't any solution to my loan request!.
Thank you for any help you can give me.
Posted: Wed Apr 05, 2006 4:46 am Post subject: RE:
Hi Gloria,
Thanks for the information. Hope you will getting the best option matching with your loan requirements.
I don't think you will be having any problem with your credit score, after all it looks to be fair enough to let you qualify for the loan. Regarding the medical bills, I think you should request the receipt for all payments done by you for the same.
Posted: Wed Apr 05, 2006 4:53 am Post subject: RE:
Hi,
I agree with Samantha. You should ask for the receipt of the bills that you have paid, it will clean up your credit report from the error it is showing at present. If it stays for long, then the error may also affect your score. So be quick and take some steps to remove the dispute.
Also, let me mention here that it's good not to use too many credit cards, but you should not be keeping a large number of them. This is because too much of unused credit may have a negative impact on your credit score.
my score was always excellent(I never checked it, but I always paid my bills);,
How could you do this Gloria??
You are the 1st person I have seen who is not eager to look at her credit score. Our finances are too much dependent on it.
My intention is not to hurt you, all I want is to make you aware about it.
On the number of credit cards, yeah it is not good for your score. Now, you need to be bit intelligent in surrendering it as surrendering your all the credit cards wont be too good either.
First, settle your dispute on insurance bills and try to remove the late payment entry from your credit report. You score is good and settling matter will make your score better. Hope things will improve for you. _________________ Procrastination is the enemy of your financial sucess
As mentioned by Samantha, the single largest problem with financing such a property is the fact that this is a pre-1976 mobile home. Manufactured homes of this vintage were not required to be built to minimum HUD building standards (as post-1976 models where). This fact alone makes this dwelling extremely difficult to finance.
Additionally, if this manufactured home is not permanently affixed to a concrete a foundation (ie: no wheels, no tie-downs, etc.) and is titled by the state’s motor vehicle department (ie: has a ‘car’ title) it is not even considered real estate – it is considered real property, just like a car or boat.
I did a quick search of wholesale hard-money lenders that loan in Vermont and found no company willing to lend on such a described property.
I suspect that the only way to purchase this property is if you can find a Vermont based lender that will consider this to be raw land with no value placed on the mobile home sitting on the property. This may require an old fashioned in-house bank loan. You may want to contact some banks and credit unions that are physically located close to the property for a sense of direction.
Another option may be approaching the current owner for the possibility of a Contract Sale … where you give the seller your down-payment and make payments directly to the seller to pay-off the balance. If you entertain this solution, please be sure to hire a local/reputable real estate attorney to draft and review the Contract Sale documents so your rights are protected. Also, please make sure you record the finalized agreement with the county recorder’s office to ensure you have legal rights to the property.
Best of Luck! _________________ Bill Clanton is a Mortgage Specialist and Manager of State Street Mortgage of Illinois. StateStreetMortgage.Net
Posted: Sun Apr 16, 2006 6:02 am Post subject: thank you
to Samantha; Caron; Adonis & Bill:
Sorry I'm late replying to your answers. Thank you very much for your advises. I will keep you posted if I got any good news about obtaining the loan for this property.
Sincerely,
Gloria Q _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Sun Apr 16, 2006 8:05 am Post subject: RE:
Hi Gloria,
Doesn't matter if you are late in replying but what matters is that you get the loan of your choice. Let me assure that this Community is always there to help people like you and all of us will be very happy if we can do something good for you.
gmqgrm
