Compare Mortgage Quotes

Guest

I recently forfeited my house to foreclosure and my credit score in probably in the 400 range. I plan to save some money for a down payment (40 or 50%) for a mobile (selling for 50k) on rented land. I have had the same job for 16 years ($43500) and it is pretty secure. What are my chances of securing a loan to finance the balance? I just lost my home 12/08 and was hoping to buy by fall of 2009.

gmakerley · Posted: Fri Jan 02, 2009 3:22 pm Post subject:

epele, mobile home lenders are going to be equally critical of your credit as will conventional mortgage lenders (and fha). frankly, scores below 600 will cause you some trouble, so a score in the 400s isn't likely to bring smiles to any mobile home dealers.

as a general rule in the mortgage game, you've got a 2-3 year wait after a foreclosure anyway (maybe more by the time this ink gets dry), so a purchase in the fall, only 9-10 months after the foreclosure looks like a no-go. i was going to say long shot, but they come in sometimes.

maybe you can find a compassionate and wealthy soul who's willing to go out on a limb, but i would have to guess that it's a precarious perch and you'll find not much enthusiasm anywhere.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

buying a mobile home