Posted on: 24th Mar, 2009 07:14 am
me and my boyfriend our 44, we have $20,000 saved to put down on a mobile home(used) our creditscores are 580-600 wondering if i can get a loan? and if its a smart thing to do? our debts are $500 total a month our income is $1,700 a month, the homes we seen are $55.000-$65.000
Borrowers must have a minimum credit score of 620 in order to get an affordable rate of interest. However, you may get manufactured home loans in spite of having poor score but you'll be charged higher interest rates. So, you can try for loans that are not score driven but even such loans require you to have a moderate credit score of 550 and above.
Lenders expect you to put down 5-10% of the purchase price for newly built homes for a loan term of 15 to 30 years depending upon your credit profile, size of the home and type of loan. For a pre-owned home, the down payment is the same but loans are available for 20 years depending upon the factors stated above.
Lenders expect you to put down 5-10% of the purchase price for newly built homes for a loan term of 15 to 30 years depending upon your credit profile, size of the home and type of loan. For a pre-owned home, the down payment is the same but loans are available for 20 years depending upon the factors stated above.